- Generation Y, otherwise known as the millenials, are city lovers, but whether they will remain that way inclined is yet to be seen.
- In the US the group of 20-34 year olds have embraced the city lifestyle for both economic and cultural reasons, and currently the number of urban dwellers continues to rise.
- But this group has also delayed marriage, childbearing and the formation of households, so what will happen when the generation Y cohort want to ‘settle down’ and raise a family? There is the potential for another migration out to the suburbs as was seen with the baby boomers, although as city living standards improve there is also the real possibility that the millenials will stay in city settings.
- Urban Institute estimates that generation Y will make up 15-18 million new households in the US in the 10 year period between 2010 and 2020. It is thought that this group will play a significant role in shaping the future housing market but how they will shape it depends heavily on economic constraints or opportunities.
Understanding generation Y’s preferences and likely migration patterns, if any, will be imperative for planning successful urban development and providing for growing populations in particular areas.