It wasn’t so long ago that millennials were flocking to cities, drawn in by the lifestyle and excitement of big city living. But after reckoning with the pandemic, often a lack of green spaces, and sky-high cost of city living, the same generation has poured into America’s suburbs. And they don’t seem likely to leave anytime soon.
Stuck in Suburbia
The pandemic drove up demand for larger, suburban homes, as city dwellers traded space for city life.
Lockdowns hammered home the shortcomings of big city living, including limited square footage, high rents and even higher thresholds to buy, and high prices on everything from coffees to groceries. The move to a more affordable, and more spacious, space in the suburbs became common, especially for millennials with kids.
While lockdowns are a thing of the past, many are set to stay in their new suburban homes. The housing market has cooled some since the red hot days of 2021, and some suburban homes have depreciated in value. Plus, interest rates remain high, making it unattractive to swap a likely lower interest pandemic-era mortgage for a new one to fund a move back to the city.
A New Chapter for Suburbs
And it wouldn’t be a millennial trend if there wasn’t something to change from the ground up. Many suburban areas are already enjoying amenities catering to the new demographic, like locations of salad chain Sweetgreen (SG). Wherever millennials go, the avocados are sure to follow.
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