Don’t confuse the millennial presence in cities with a desire to be in a city. The population of millennials in large cities may be dense, but since 2010, there has been growth in suburban and smaller urban areas. Not only that, but millennials are moving out of big cities like New York in droves and moving into neighboring areas. Up and coming cities like Camden is showing promise as an alternative to their neighboring city, Philadelphia. With more options and prices for housing dropping, leaving a city may not seem like a bad possibly. The reasons for millennials leaving a city may not be too surprising.
Struggle for financial stability
It’s not surprising to find that the millennial generation is struggling financially. With the recession and lack of jobs, the expense of living in a city just doesn’t seem worth it. Though unemployment has lowered, wages are still stagnant. At first glance, it may seem as if millennials prefer public transportation, but it may also translate to the difficulty of affording cars. Millennials are marrying later or not at all because of the lack of financial stability.
Living in a city was temporary
A large city meant job opportunities in the eyes of a millennial. However, it is expensive and chaotic. The allure of bars and skyscrapers have less of an appeal in the long run. Meanwhile, smaller cities with a growing economic sector like Camden seem more attractive, especially for job opportunities. Many new startups try to keep their offices in a more affordable area, which many times is not within a large city.
Lower priced housing
Not so long ago, purchasing a house seemed almost impossible because of the inflated prices. Though millennials are known for renting rather than purchasing, the housing market is slowly improving, and houses seem more attainable. Moving into the suburbs or a smaller metro area is better financially in many cases.
Preferences change
Today’s 30 – 44 year olds are moving out of cities and into the suburbs or faux urban suburbs. Contrary to what was once believed, millennials still have that dream of living the American dream of having a big single house with the fence and lawn. Now that the older millennials are more established in their career, they don’t feel a need to stay within the confines of a big city. Though the move out of a city and into the suburbs may seem slow compared to other generations, it seems that people are just planning to migrate at a later time.
