It’s becoming clear that the rise of millennials reached its peak in 2015, and now comes the test of whether they will stay true to their big-city leanings or follow the footsteps of generations before them out to the suburbs.
“There are already some signs that the inflow of young professionals into cities has reached its peak, and that the outflow of mid-30s couples to the suburbs has resumed after stalling during the Great Recession,” according to a report in The New York Times by Conor Dougherty.
In Philadelphia, the influx of working millennials has plateaued, and the economy is back in a spot where people feel free to move again.
“Some research also shows that, while millennials seem to prefer cities in their youth, the draw of the suburbs is still strong,” the article noted.
Wherever America’s largest generation goes, their purchasing power will come with, and that could have significant implications for city centers and suburbs alike.
“You can have all the preferences you want, but you have to live somewhere, and you have to have a budget,” Zillow Chief Economist Svenja Gudell said. “Those are the cold, hard truths you have to live with.”
Read more about the peak of millennials and its implications in The New York Times here.