Millennials Are Fleeing Cities in Favor of the Exurbs
Jan 24, 2024
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Millennials are leaving cities due to affordability issues and moving to exurbs. The hosts discuss challenges faced by families in finding housing in urban areas and the financial implications of living in small towns. They also explore multi-generational housing and creative living options, share childhood memories, discuss recent artistic hobbies, and give a teaser for the next episode on aliens.
Millennials are leaving cities and moving to the exurbs due to the lack of affordable and family-friendly housing options in urban areas.
There is a need for regulatory changes and localized approaches to housing that prioritize affordability, adaptability, and cater to the shifting demographics and housing needs of millennials.
Deep dives
Millennials are priced out of cities
The podcast episode discusses how millennials are being priced out of cities and are forced to move to the suburbs or excerpts due to the high cost of housing in urban areas. The article mentioned that millennials are now entering a phase of life where they are having children and need larger, more affordable housing options, which are often lacking in urban neighborhoods. The conversation explores the reasons behind this trend, including the lack of affordable family-sized apartments in cities and the demand for housing types that cater to double income, no kids (DINKs) households. The podcast acknowledges the disappointment felt as millennials are forced to compromise their desires for walkable neighborhoods and urban amenities due to the limited options available within an increasingly consumptive and transactional housing market. It highlights the need for localized approaches to housing that respond to local supply and demand, delocalize financing, and focus on affordability and adaptability.
Regulatory changes and housing types
The podcast episode discusses the need for regulatory changes to accommodate the shifting demographics and housing needs of millennials. The conversation emphasizes the importance of building housing types that can provide suitable options for families, such as family-sized apartments, and the need for cities to adapt and provide amenities and services that can accommodate family lifestyles. It also highlights the disappointing reality of many newly built suburban neighborhoods that lack charm and walkability, and calls for the creation of more vibrant and adaptable suburban developments. The episode encourages rethinking the way cities and suburbs are designed, and calls for a shift towards creating localized and responsive housing markets that prioritize affordability, stability, and prosperity for all generations.
Financial challenges for millennials
The podcast episode addresses the financial challenges faced by millennials in the housing market. It discusses the significant debt burden carried by millennials compared to previous generations, as well as their limited income and wealth-building opportunities. The conversation highlights how millennials have been affected by the volatile nature of the housing market, where they are induced to buy homes at market highs and struggle to sell them later due to low demand or underwater mortgages. The discussion also touches on the need for localized financing and regulatory changes to overcome these challenges and offer more stable and affordable housing options. It acknowledges the potential role of intergenerational housing and calls for a broader perspective that includes the well-being and benefits for both millennials and boomers in addressing housing issues.
The way forward for housing
The podcast episode concludes with a discussion on the way forward for the housing market. It emphasizes the need to prioritize localized approaches that respond to local supply and demand, redirecting focus away from macroeconomic factors and financial markets. The conversation emphasizes the importance of localized financing and regulatory changes that promote affordable and adaptable housing options. It also highlights the potential benefits of involving boomers in this transition, suggesting strategies such as converting extra space into rental income or exploring multi-generational housing options. The episode underscores the importance of recognizing the power of local communities to bring about change and create housing markets that provide stability, affordability, and prosperity for all generations.
Millennials are officially getting old. They’re having children, buying houses, and getting replaced by Gen Z in urban areas. As one article from Business Insider puts it, “Millennials are getting priced out of cities,” and are starting to leave the urban neighborhoods that they’ve been building their lives in, up to this point. According to the author, since the cost and types of housing available in urban areas isn’t conducive to family life, millennials are having to instead flee to the only place they can afford to live: the exurbs.
What’s the Strong Towns take on this? Join host Abby Newsham and co-host Chuck Marohn as they discuss this article on this week’s episode of Upzoned.