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Gen Y has urban preferences, even in the ‘burbs

Millennials, largest generation in the nation’s history, are split fairly evenly on where they see themselves living.

A report by UDR, Inc., and published by the Urban Land Institute, shows that about 37 percent of Millennials view themselves as “city people,” 36 percent say they are suburbanites and 26 percent see themselves as small town or rural residents.

But the report found that even if Millennials, about 79 million people, prefer a suburban setting they still have an inclination toward urban style development that allows for walkability.

“Gen Yers want to live where it’s easy to have fun with friends and family, whether in the suburbs or closer in,” M. Leanne Lachman, president of Lachman Associates and one of the report’s authors said in a news release. “Their desire for an urban lifestyle suggests that the current trend of urbanizing suburbs will present lucrative opportunities for the development community for decades to come. This is a generation that places a high value on work-life balance and flexibility. They will switch housing and jobs as frequently as necessary to improve their quality of life.”

About Adam Bednar

Adam Bednar covers real estate and development for The Daily Record.