The Trend Report: Out of the City, Into the Suburbs

Downtown living has always been put on a pedestal for its image of being full of energy, great food, popular nightlife, and trendy stores. The suburbs’ image is
quite the opposite. Walmart, mini-vans, Olive Garden, and dive bars sums up what most of us would call “Suburban Living.”

Not so fast! Reports are showing that not only are suburbs thriving, but millennials have their eye on these neighborhoods as well. For years, Millennials have been moving into the city, causing an increase in population. However, the generation of millennials is growing older and the city will feel the effects of that. Dowell Myers, a professor at USC, according to CityLab, found that the largest segment of millennials (born in 1990) turned 25 last year. This leads many to believe that the lure of the city will shortly fade. Millennials will soon begin to think about starting families and living a “simpler” life. Moving out of the cities and into the suburbs is the plan for many of these 20-somethings.

So what does this mean for the real estate developer? It means changes need to be made. On one hand, the cities that have seen massive growth in the last decade will begin to lose inhabitants again. Attracting more city dwellers by becoming more family friendly and affordable will be imperative if they want to keep people in the city. On the other hand, development of the suburbs will be equally as important to keep people there. Walkable neighborhoods, more public transportation, increased dining options, shopping, and events are just a few of the things that will keep millennials happy in their new suburban lives. I guess we will just have to wait and see.