Millennials and Gen Z are fleeing to the suburbs amid the pandemic

  • Millennials and Gen Z are flocking to the suburbs as the coronavirus pandemic continues unabated in the US. 
  • According to new research from investment management firm Cowen and Company, 48% of millennials reported living in the suburbs compared with 44% in 2019 — 49% of Gen Z reported living in the suburbs, up from 41% in 2019. 
  • Home-ownership is rising among both Gen Z and millennials as well, with 30% of 18- to 24-year-olds saying they own their homes, up from 19% last year.
  • While the move toward suburbia has been an emerging trend since 2017, the pandemic appears to have spurred interest in leaving cities. 
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Millennials are fleeing cities and buying up homes in the suburbs amid the coronavirus pandemic. 

According to new research from investment management firm Cowen and Company, there’s been a noticeable migration among people ages 25 to 34

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Kids These Days! Gen Z Is Buying Up Homes in These 10 Cities

While millennials are seeking out starter homes and baby boomers are hoping to downsize, Generation Z is trying to elbow its way into the frenzied housing market marked by record-low mortgage rates and all-time-high home prices.

These predominantly first-time buyers are purchasing property mostly in the nation’s more affordable metropolitan areas that boast much more reasonable home prices than the high-priced coasts, according to a recent LendingTree study. This group, born after 1996, is stereotypically more frugal and better with money than prior generations. It makes up a little less than 10% of potential home buyers in the country’s biggest metropolitan areas.

The online financial services marketplace looked at mortgage purchase requests by folks aged 18 to 23 from Jan. 1 through Oct. 1. The study included requests made only in the 50 largest metropolitan areas. (Metros include the main city and surrounding suburbs, small towns, and other urban areas.)

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