While more millennial homeowners live in urban areas than older generations, the Zillow Group Report on Consumer Housing Trends notes that nearly half of millennial homeowners (47 percent) are moving to suburbia – and renters are following.
While city life may seem like it has everything and more, the suburbs offer plenty of those perks, too.
More bang for your buck
Don’t be fooled if monthly rent prices in the city and suburbs seem fairly comparable – look at the rent cost per square foot.
That sweet little abode in suburbia is likely to get you more for your money. Zillow data shows that the average rent per square foot in more urban areas is $1.22, while suburban rent per square foot is $1.04.
Wide open spaces
In the suburbs, you’ll get more space for less money. This means you’re more likely to find that spacious kitchen, grand entryway, or home office in a suburban rental versus an urban one.
You’ll also have more access to nature escapes and community parks. Oh, and you can finally have your own parking spot (or two).
More space equals more privacy. The suburbs tend to have more single-family homes to rent, which means you won’t have to share a wall (or ceiling) with neighbors.
You can also enjoy a backyard of your own – and not having to share a community barbecue or picnic table.
Living in a suburban neighborhood means more opportunities for block parties – and really, more opportunities to get to know the people in your community.
The art and culture options are improving, too. Today’s suburbs do not equal strip malls – think local shops, art galleries, community gardens, yoga studios, and performing arts centers.
Crime rates are still lower in suburban communities than their surrounding cities. In fact, a 2014 FBI report shows that within all metropolitan areas in the United States, major cities had twice the property crime rate and 2.5 times the violent crime rate compared to surrounding suburban areas.
You may hear suburban school districts boast about their high-performing schools, and it’s for good reason. Suburban districts generally have higher graduation rates than urban ones.
And even if you don’t have or plan on having kiddos, having quality schools in your neighborhood benefits your whole community.
Yes, seriously. This poll reveals that Americans who live in suburban areas are more satisfied with where they live than those outside of the suburbs, according to a CityLab poll. In fact, 84 percent of surveyed suburbanites rated the communities they live in as overall excellent or good.
So, if you decide you’re ready to escape the city rental game, know you’re not alone. And if renting isn’t a long-term solution for you, the money you’ll save by moving to the suburbs can be stashed away toward a down payment.
Still debating on whether renting in the city or the suburbs is best for you? Let us help you find the scene that suits you best.
- City Living Costs Families Up to $9,000 More a Year Than Suburban
- Two Ways to Compare Renting vs. Owning a Home
- “You’re Throwing Money Away” and Other Myths About Renting
Source: Zillow Feed