Recent trends show Millennials are leaving the big cities and are headed to the country to buy a home. According to a National Association of Realtors report, home buyers under the age of 35 who bought in the city dropped from 21% to 17% in the past year. The report derived this trend by looking at housing data from July 2014 through June 2015.
The price of city homes are too high and thus is driving buyers to take a serious look at suburban residences that are for sale. More than 53% of Millennials said that saving for the down payment was the largest obstacle to buying a home. Many Millennials have college debt and that is also making it more challenging to buy a home thus reinforcing the trend of moving to the suburbs. Lower gas prices are also making it more affordable for Millennials to commute to work from the suburbs.