Millennials and the American Dream

The recent article from CNBC.com titled, “Are millennials starting to embrace the American Dream?” by Diana Olick, addresses the differences between millennial and previous generation’s home ownership. The “American dream” for previous generations was purchasing a home of their own often time in the suburbs of cities. Today, millennials faces challenges like high unemployment, the fresh memory of the great recession, increased credit score requirements to get a loan, and the high levels of student debt. These challenges have hindered millennials home ownership presently but there are mixed reviews on whether they will become homeowners like previous generations before.

            A popular mindset of millennials is captured by Ken Wetzel’s statement; “I didn't want to be another statistic or another number of someone who got in over their head because they didn't understand what they were getting into. I didn't want to live and work just to support my four walls.” I think that millennials are going to be more cautious and make sure their finances are up to par before applying for their first home. Also, millenials are breaking the mold by purchasing homes and condos in the city, instead of retreating to the suburbs like past generations have.

            Overall, I think developers and city planners need to take notice of the way millenials are living because this generations is going to be buying and renting many homes within the next few years. City planners need to take advantage of the millennials mindset to live in the city. If city planners can improve public transportation and revive the inner city it will attract more millenials to stay in the city even if they can afford to move elsewhere. This shift from suburbanization to a city-focused approach would add a great deal of benefits in regards to traffic, pollution, public health, and cultural diversity within the city. Also, Developers need to look at mixed use residential as well as more contemporary single family housing that doesn’t add to the suburbanization problem many cities already have. Many groups will be able to benefit from the millennial generation, they just might have to shift their mindsets in order to serve this unique group of people.

Check the full article out at CNBC.com