Top Trends in Suburban Neighborhoods

As time goes on the housing industry changes. Changes in suburban areas are happening faster than they have before. Population growth in suburban areas has steadily been on the rise. The suburbs have always been the ideal place for the American dream.

As more people move into the suburbs other factors begin to change the dynamics that were previously seen in past generations.

Millennials Are Choosing Not to Buy

This may come as a surprise to you, but millennials aged 22 to 37 are not buying houses the way their grandparents and parents used to.

Many within this age group just don’t have the financial stability to own a home. Millennials have loads of debt, and jobs that are not covering the cost to live.

There are a couple key reasons this age group is reluctant to buy a house.

Millennials are not married yet

For the most part, millennials are not getting married at the rates of previous generations. Although there is nothing wrong with this, it does not make much sense for them to buy a home without a family to put in it.

Debt is Through the Roof

This site reports that student loan debt is up to $1.5 trillion dollars. That is a huge number. It’s no wonder millennials are not able to afford much outside of debt costs.

Overall This Age Group Loves the City Life

Moving toward cities is something that millennials are known for doing. Perhaps it’s the work opportunities, or maybe they just love the night life.

Cities of course have higher rates of renting rather than buying

Diversity and the Suburbs

More diversity is being seen in suburbs than ever before. Now more people know that better housing and better school systems are found in the suburbs. Now you can see a variety of people from different backgrounds and socioeconomic status’s moving into these areas.

Going Green in the Suburbs?

Yes, it is true. The suburbs are starting to go green. You may be wondering exactly how. Solar panels are being put up in many suburban areas and fuel-efficient cars are on the rise in these areas as well.

Growing Need for Senior Housing

If you are not already aware seniors are taking up a pretty large portion of the population. Baby boomers are getting older and health care drives the average life span and quality of life to be longer.

This means that seniors are going to need housing, quick. There simply are not enough homes out there to match the needs of the aging populations.

This trend will definitely leave a huge impact on the housing market.

What Does All of This Really Mean?

A few things are for certain. Younger adults are struggling to buy and finance homes, but that doesn’t mean the suburbs are empty. Many suburban areas are filled with older generations.

As more immigrants come to the U.S. and equality increases, diversity in the suburbs will be more and more prominent. Of course, this is a good thing. Not just for the people who inhabit these areas but for the housing market as well.

Hopefully, suburban areas going green will start to impact other areas as well. Either way, the majority of these trends are something to look forward to.