The myth that millennials will forever rent may have been blown out of proportion, with 35% of the homes purchased last year being bought by millennials. Curbed staffer Patrick Sisson reports on why millennials may be looking to the suburbs more than some people realize.
Those in the real-estate business point out that not all millennials are buying home in the city; some move to the neighborhoods close by. Suburbs don't always offer the product that this generation wants. RLCO Managing Director Adam Ducker points out that suburban municipalities have not been as involved as they should be:
"Suburbs should realize there’s a risk of corporations giving up on the suburbs. There are a lot of examples of companies saying that they can’t attract the talent they need in the ‘burbs. Suburbs shouldn’t just be thinking about attracting millennials to pay property tax. They need them here now to make sure the next generation of workers stays there as well."