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.