A good chunk of the nearly 11 million new college grads that moved in with
their parents to wait out the brunt of the Great Recession storm have
long been itching to experience all the perks New York City living has
to offer. As record unemployment numbers dwindle, Millennials (which includes
individuals born between the early 1980s and the early 2000s) have reset
their sights on the Big Apple to jump-start their lives and build their
careers. Data analysis firm Niche has named New York City one of the best
places to live for migrating Millennials, based on some 500,000 surveys
from college grads and students, FBI crime data and US Census stats. So
expect the city's housing market to boom soon.
Not long ago social theorists, marketing experts and urban planners went
gaga over anything remotely associated with the Baby Boomer generation.
These days, however, the Millennial generation is stealing more of the
limelight, and for good reason. Researchers predict that by the end of
the decade, Millennials will have surpassed Baby Boomers as America's
leading consumer spenders.
Brookings Institution released studies which indicate that Millennials
will likely trickle (as opposed to, crowd) into America's cities in
the near future, since wages remain stagnant and student debt increases.
At the same time, a Brookings' study also shows that Millennials place
"higher worth on experiences over acquisition of material things."
High rents and cramped living quarters notwithstanding, New York City
has the accessibility, culture, diversity, shopping and intense social
scene that today's Millennials crave.
But do not expect Millennials to return to their parents' basements
after their New York City stints. According to Harvard's Joint Center
for Housing Studies, Millennials are expected to form 24 million new households
by 2025. Trends confirm that this group is highly optimistic overall.
Their New York rites of passage may require socializing for countless
hours and spending large amounts of unexpendable income; however, many
Millennials expect to gain solid careers and to start new families in
comfortable suburban homes for all their efforts. Hopefully for them and
the US economy, home loan lending standards will have loosened at that phase.