Will Remote Working Lead Millennials to Buy Homes in Affordable Remote Suburbs?
An anonymous reader shared this report from Fortune: For eight years now, as millennials have entered their thirties and forties, also known as "homebuying age," Bank of America has surveyed over 1,000 members of the generation once a year for its Home Work series. And for 2023's edition... older millennials (age 31-41) are almost three times as likely to move into a house than an apartment, the survey found... Migration patterns during the pandemic have clearly established that most homebuyers have wanted to flee big cities, with some "zoomtowns" such as Boise benefiting in particular. But the survey reveals something even more drastic. In a section called "suburban nation," BofA reveals that 43% to 45% of millennials — of every age — expect to buy a house in the suburbs. "We expect the ability to work from home to remain an incentive for young families to seek out more remote suburban and rural markets where housing may be more affordable," wrote the BofA team led by research analyst Elizabeth Suzuki. And remote work is still robust, they added. Millennials are also looking toward the suburbs for wealth-building. A majority (two-thirds) of them believe that they'll buy a home in the next two years, citing a return on investment as the number one reason for purchasing. The interest is pervasive across the generation, and maybe means that the suburb is in for a new and better revival. And a 2021 study from Pew Research Center found that one in five adults preferred city life, compared to one quarter of adults in 2018... Millennials reported to BoA that the pandemic increased their likelihood of buying a home...
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