If current trends persist with the steady improvement of unemployment and social-environmental desires of millennials the future of housing may look very different than in the past. According to Nielsen’s Millennials- Breaking the Myths, the Millennial American Dream isn’t white picket fences in the suburbs but rather stay in cities.
Millennials are often portrayed as narcissistic but a major trend in Millennial culture is green living and preserving the planet. Living in cities where less travel is required and more things are in walking distance has a huge appeal to Millennials who are less likely to want to increase their carbon footprint by owning a vehicle.
Another thing that draws Millennials out of the Suburbs and into the city is their need to be socially engaged at all times. Having spent a large parts of their adolescence and adulthood using social media Millennials thrive in socially diverse areas and crave connectivity with their environment.
This new twist on the American dream isn’t just affecting Millenials, traditionally young couples would buy a home raise their family and potentially downsize to a smaller home once they reached a certain age and found the home to be too much to maintain. However, if there is a decrease in first time buyers, there may not be as many people available to purchase these homes.