It’s long been reported that “Millennials” (or Generation Y) prefer city living, with it’s requisite smaller space, to residing in suburbia, long held to be the American Dream. Not so fast, says a recent report by The Wall Street Journal, which cites a survey of over 1,500 people born after 1977 which finds that 2/3 of all respondents want to live in the suburbs. Surprisingly, 24 percent report that they prefer rural areas while on 10 percent desire a city center.
The most common reason for suburbia is the desire for more space with a whopping 81 percent wishing for three or more bedrooms.
All of this suggests that, in the foreseeable future, the demand will be for single-family homes over city condos, just as it has been for the last 60 years.
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