Millennials, we’ve been told, want to live in the heart of the city, eschewing the predictable sameness of suburbia. But a new survey suggests that’s a myth.
“The Harvard study by its Joint Center for Housing Studies — which used data from the Census, U.S. Housing and Urban Development and its own analysis — found most stereotypes associated with millennial homebuyers were not true,” reported the San Diego Union-Tribune.
In fact, in its survey conducted in partnership with real-estate website Zillow, Harvard found that “millennials were more likely to associate homeownership with the ’American Dream’ than Generation X or baby boomers,” according to the Union-Tribune.
This optimism stands despite the fact that persons under age 35 who are homeowners was at a record low, 31 percent, in 2015, according to the Harvard/Zillow study, a significant drop from the 43 percent of 10 years earlier.
The economic downturn of 2008 and a sluggish economic recovery occurred in the intervening years, doubtless a major factor in millennial reticence about home purchases.
A 2015 study showed younger Americans are waiting longer to buy their first home, seeking to retire more student debt and firm up job prospects before undertaking a mortgage.
As such, the Harvard/Zillow study found millennial home buying has been hotter in “low cost” markets where the housing stock was more affordable — cities like Birmingham, Detroit, Minneapolis and St. Louis, the Union-Tribune noted.
• Ken Shepherd can be reached at kshepherd@washingtontimes.com.
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