The trend is a real one: Millennials and other younger consumers want to live in multifamily buildings in the centers of busy urban areas.
But here’s the question: How long-lived will this trend be? Will these same young consumers remain in cities once they start having kids? Will they turn to single-family homes as their families grow larger?
No one can predict what Millennials will do. But a new survey from ValueInsured, a provider of down payment protection insurance, indicates that Millennials will do what their older peers have long done: Most of them plan to eventually buy a home.
Yes, urban living in an amenity-filled apartment is trendy and fun … when you’re young. But there are hassles that come with urban living, even if you try not to drive. As renters grow older, and start having children, those hassles — crowded streets, noisy neighbors, a lack of space for their growing kids — often chase them to single-family living in quieter neighborhoods.
According to the ValueInsured study, nine out of 10 Millennial renters want to one day own a home.
That, of course, is a huge percentage. How soon Millennials get there, though, is an open question.