Millennials are more interested in the suburbs than many of us may have assumed, says Billy Fink on theHightower Blog. According to a recent survey by ULI, six out of ten millennials expect to live in a detached single-family home within five years, and 75% of millennials plan to get married, which might drive them out into the suburbs when they have children.
Suburbs are trying to reinvent themselves by adding urban features and walkable downtown hubs that make the neighborhood feel like a city.
The redistribution of millennials will also provide an opportunity for the rise of newer suburbs. New suburbs will sprout up near secondary markets, which have experienced a remarkable rise in recent years. These newer suburbs will emphasize a transit-oriented development that offers the work-live-play that has become standard for many urban environments.
Although 18-hour cities are somewhat loosely defined, some of the metros that top the list generally include the likes of Dallas, Austin, Charlotte, Atlanta, Denver, Nashville,Portland, and Raleigh/Durham, according an Emerging Trends 2016 report published by PwC and ULI. The first wave of rising suburbs will emerge in their radius.