Quick! Picture a 27-year old with a successful job in marketing, not (yet?) married, and with a busy social life. Where does he or she live? If you first thought of a condo in the big city, think again!
More and more Millennials are moving to the suburbs, according to a recent report from the National Association of Realtors. In 2015, only 17% of the under-35 age group bought a home in an urban area — a quick decrease from 21% just a year ago.
Why? Experts speculate that it could be due to the sky-high price of homes in the city. While Philadelphia offers fairly affordable housing compared to other urban areas like San Francisco, New York, or LA, the homes in the trendiest neighborhoods are climbing considerably in price and now out of reach of many first time buyers (think Northern Liberties or South Philly!).
Instead, younger buyers prefer the affordability of close suburbs with the walkable conveniences of the city but without the big city price tag. Local towns like Drexel Hill, Conshohocken, Media, Ambler, and Phoenixville have boomed in popularity in recent years, largely due to an influx of first time buyers.