Millennials have grown up, and they’re taking over the suburbs. Ernst & Young found that 38% of 20-36-year-olds live in the suburbs, 1% more than live in cities. Among homeowners, the divide grows, with 41% living in the suburbs compared to 31% in cities, 16% in small towns, and just 11% in rural towns. Affordability is most likely “a significant factor;” high student debt and real estate prices drive young people to urban-adjacent suburbs that let them “afford the richness of city living (including employment opportunities) at maybe lower home prices.” (CNBC)
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