Census reveals that millennials large cities are flocking to the suburbs in search of & # 39; better jobs, good schools and moderate weather & # 39;
- Millennials, 23-38 years old, have left large cities in favor of the suburbs
- The movement is based on better jobs, good schools and moderate weather
- Suburbs accounted for 14 of the 15 fastest growing cities with more than 50,000 inhabitants
- Buckeye City in Arizona, Apex in North Carolina, Frisco in Texas placed high
Census Department figures have revealed that millennials have continued to leave large cities in favor of the suburbs.
Data analysis suggests that people between the ages of 23 and 38 are priced from more expensive markets and are on their way to the suburbs.
Cities such as Buckeye City in Arizona, Apex in North Carolina and Frisco, Texas, now have an increasing number of millennials, the Wall Street Journal reports.
Suburbs account for 14 of the 15 fastest growing cities with a population of more than 50,000, according to the census.
The most popular suburbs for relocation have good jobs, better transport connections to major cities and moderate weather.
This is believed to be due to the increasing gap between average house prices and average household income.
According to data, as many as 38,000 millennials left New York in just one year
Buckeye City in Arizona was listed as the fastest growing city with a population growth of more than 74,370 or an 8.5 percent growth
Apex in North Carolina (left) was in the highest percentile with an increase of 53,852 people or 6.8 percent. Frisco in Texas (right) experienced an increase of 188.170 or 6.1 percent
Large cities such as San Francisco, Los Angeles and Washington D.C. have been considered less affordable due to a critical lack of medium density homes, Fox Business reported.
No less than 38,000 millennials left New York City alone in one year.
The financial crash in 2008 led to the average growth in cities with more than 250,000 surpassing those in the suburbs.
Before that, the suburban population had increased in the economic expansion after the Second World War that continued into the 20th century.
& # 39; The trend towards the city is reversed, & # 39; William Frey, a Brookings Institute demographer, told the Journal.
The data also shows that millennials have postponed the purchase of a house, which is believed to be due to the astonishing student loan debts, which amount to $ 1.6 trillion nationwide – the largest non-mortgage debt in America.
First buyers now expect to have to save an additional 1.5 years for a down payment according to an analysis of Zillow.
The estimates were compared with people who entered the real estate ladder 30 years ago.
First-time buyers are being pushed further and further & # 39 ;, said Skylar Olsen, director of economic research at Zillow.
& # 39; If this coming wave of buyers has to compete fiercely to buy, it can drive up both rental prices and property values, & # 39; Olsen added.
Despite the findings regarding millennials moving, others seem to be happy in the big cities.
The top five city populations in 2018 were: New York City with 8.3 million, Los Angeles City with 3.9 m, Chicago City with 2.7 m, Houston City with 2.3 m and Phoenix City with 1.6 m.
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