Millennials have had a great deal of attention in recent years. In the U.S., millennials (born 1981- 1996) number 72.1 million, surpassing Baby Boomers as the largest living adult generation. Research indicates there is a great divide between their living needs and preferences nationwide.
 
Older millennials – those who gravitated to city centers for better job and social opportunities as twenty-somethings in what came to be known as the ‘back to the city’ movement – are currently facing changing circumstances in life that may require adjustments to where they live.
 
New studies by the Journal of Housing Economics and the Joint Center for Housing Studies at Harvard University show a distinct migration of older millennials from city centers back to suburbia in numbers large enough to attract the attention of developers, policy makers, and real estate agents in every state of the union.
 
Much like the baby boomers of the ‘70s and ‘80s, these oldest millennials are starting families and are seeking more affordable housing in bedroom communities than what’s just available in urban centers. Not surprisingly, the cities with the least affordable housing are seeing the largest migration.
 
The demand for urban living will never disappear. Today’s younger millennials, like Gen X and the generations before them, will always create demand.
 
At the same time, suburban centers, even the most peripheral areas, are scrambling to capitalize on current demographic changes by building enough sustainable and affordable single-family homes, as well as the schools, shopping, and amenities to support the young families moving into them.
 
For savvy agents serving suburban areas everywhere, it’s a time to network with big-city colleagues and develop targeted social media marketing ideas designed to attract those city folk seeking to put down roots in suburban America. Here are six things to keep in mind when working with this demographic: 

1. Highlight space, bigger yards, and affordability compared to urban living
2. Promote lifestyle and quality of life through testimonials and community events
3. Leverage remote work trends with dedicated office space, high-speed internet, and proximity to commuter routes
4. Emphasize green living via solar panels, energy-efficient appliances, and sustainable building materials
5. Showcase affordable homes with virtual tours
6. Underscore family life with parks, playgrounds, community centers, and family-oriented events

 The migration of older millennials from urban centers to suburban areas marks a significant demographic shift, driven by the search for affordable housing and family-friendly environments. This trend presents a unique opportunity for real estate agents and developers to cater to the evolving needs of this generation by emphasizing space, affordability, and quality of life. As this migration continues, it will reshape the housing market and redefine suburban living for years to come.
 
Resources: Real Estate Today, 9/20/24, The Shift from Cities to Suburbs
                   Realtor.com, 11/12/20, Buyers Say Bye Bye to the City
 
This material is meant for general illustration and/or informational purposes only. Although the information has been gathered from sources believed to be reliable, no representation is made as to its accuracy. This material is not intended to be construed as legal, tax or investment advice. You are encouraged to consult your legal, tax or investment professional for specific advice.

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