Just when we all thought we had the millennial generation figured out, another statistic surprises us. Despite the common assumption that the under-35 crowd prefers the urban lifestyle to the standard single-family suburban home, a recent study confirms that at least half of the millennial home buyers are choosing to buy in the suburbs. In fact, only a third of millennials own homes in the city, while the rest prefer rural areas. So, no, Atlanta millennials don’t hate the suburbs.
In Atlanta, the trend follows suit. Remarkably, as the Atlanta Business Chronicle reports, the number one suburban destination for Atlanta millennials is unincorporated Vinings, an affluent community of under 10,000 just northwest of the city!
This trend breaks yet another stereotype — the notion that millennials are financially limited in their buying power. Vinings is known for its multi-million dollar estates, and the median home values here are among the highest in the metro area. And, Vinings isn’t the only upscale Atlanta suburb attracting millennial buyers; among the five most popular suburbs, four of them have median home values in the $400s.
What could be driving these numbers? One factor is that while millennials do in fact like the urban lifestyle in general, an increasing number of outlying communities offer many of the same amenities, including walkability, shopping, dining and entertainment (Vinings, for example, has the Vinings Jubilee, a popular shopping destination that serves as the town center). Another factor is that millennials wait longer before buying than their parents did, largely due to the high cost of living and student debt, but by the time they are ready to own a home, they can often afford higher priced properties. Finally, since many in the millennial generation are now having children of their own, they naturally gravitate to neighborhoods with better schools — many of which can be found in the suburbs.
While we shouldn’t expect millennials to completely vacate Atlanta’s revitalized urban neighborhoods anytime soon, the numbers reveal that the suburbs are making what could easily be described as a comeback. Regardless of your own preferences, we are confident that Atlanta has a home to fit your budget, needs and lifestyle. To make an appointment, call Atlanta Fine Homes Sotheby’s International Realty at 404.948.4812.