Much is written about the Millennials these young 20-30 somethings, what they want in life and the impact they have on the world and the world on them. The millennials are aging, and most have their own families and starting their own households later in life, later is catching up on them. It’s not a bad idea to consider how this will change their housing needs and preferences. And indeed if we focus on the 30-35 ‘Millennium Spectrum’ we will see a shift towards the suburbs.
The questions one can ask are-
Will the millennials live in the suburbs? The answer is ‘Yes’.
Will the suburbs have to become slightly “urban”, to accommodate changing tastes? The answer is “Maybe”.
Now the answer is millennials will live in the suburbs, but these suburbs will be self-sufficient satellite cities of major urban centers. They have realized the worth of a calm and quiet house along with the ample availability of modern amenities. The suburbs that are attracting this generation are more like cities with density, parks, amenities, things to do and for most part identities onto themselves.
As millennials careers take off, they will leave urban cores just like their parents did. That is because millennials’ preference for the cities will fade as they start their families and get more established in their careers. Dowell Myers- an urban planning professor at USC says observers have confused young peoples- presence in the city with preferences to the cities. Survey data shows that more millennials would like to live in the suburbs than already are.
The suburbs’ peace and quiet is attracting a lot of the affluent class, the suburbs offer all the amenities and facilities which the urban Indians desire. More open spaces, wider roads, and ultra-modern construction and besides all this you are close to the urban core and can travel there whenever the need arises. For the young generation it is the cost that draws them to the suburbs, buying a property in the city is difficult and beyond the reach of many.
The suburbs offer a better lifestyle which is much affordable. The suburbs in India are being developed as satellite cities which are self-sufficient and have better infrastructure and amenities, all the big time developers are developing the suburbs in a manner where you have everything but at the same time are away from the maddening hustle and bustle of the city. Gradually there seems to be an exodus towards the suburbs and people really have started preferring to live here.