The Los Angeles Time article below discusses the current movement of young people back into the City as renters in smaller living spaces. The article argues that Millennials are burdened by student debt and the memory of the housing collapse and therefore more likely than past generations to remain renters versus home buyers. Many academics claim a movement of Millennials to urban areas. A 2011 survey for the National Assn. of Realtors showed that — despite headlines about the new urban-ism — fewer than 20% of adults prefer to live in cities, while twice that percentage still favor single-family homes in the suburbs.
More Millennials than ever before are moving to the cities and renting. As they grow older and start families, they may be more likely to buy homes and move to suburbs for better schools. As confidence is restored and housing prices recover–Millennials will desire to own versus rent. But renting and urban living will probably be more accepted by the Millennial generation than several of the previous generations before them, Read the full article below. .