The best investment I ever made in my early 20s was buying a multi-family in Marlborough, MA when I was working out there at Fidelity Investments. I like this trend for Millennials. I have always believed that owning your home is the best investment you can make when you’re young.
Here the Globe’s Prashant Gopal explains that young millennials are fleeing the higher priced cities to buy in the suburbs:
Cities may be the top choice for millennials who rent apartments, but young home buyers are moving in droves to the suburbs, where prices are lower and backyards are plentiful.
The share of people 35 or younger who are buying homes in urban areas fell to 17 percent from 21 percent in a 2014 survey, according to a National Association of Realtors study released Wednesday.
While many millennials say they prefer urban living, the rising prices found in downtowns is proving a barrier to buying, said Lawrence Yun, the association’s chief economist. Wealthy empty-nesters and foreign investors are fueling competition for a shrinking supply of listings as developers continue to focus primarily on building high-end condos. Furthermore, young buyers with children want good schools and space for them to play, he said.
“The story about millennials wanting to live in a city with energy and walkability, that’s still taking place among renters,” Yun said in a telephone interview. “But as they’re going to the owning stage, we are seeing more traditional home buying, which is out in the suburbs.”
Here TIME discusses the merits of moving the burbs for millennials: