Millennials choose suburbs over city

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Millennials are more likely to purchase a home in the suburbs than in the city, according to new research from Ernst & Young.

Researchers discovered that a majority of millennials aged 20 to 36 who rent are also opting for suburban life. When researchers pooled both owners and renters together, 38% of millennials live in the suburbs, compared to 37%.

The decision can be driven by finances, as buyers typically fork out 26.5% of their income for a city residence, compared to 20.2% for a comparable suburban home.

 

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