The 'Burbs
My husband and I are currently trying to sell our condo close to town to look for a house. This article from The New York Times hit home as, as it describes a trend of twentysomethings who are going outside the city for bigger houses and more land—sacrificing the cool urban lifestyle to get more from their real estate money.
Home buyers who are 25 years and younger still make up the smallest fraction of all owners, but their numbers are growing faster than any other age group, more than doubling since 1994, according to The New York Times. And they’re buying more and more houses in the ‘burbs. It’s not because they can’t afford the urban lifestyle—paying wads of cash for a cramped apartment or downtown loft—they’re just wanting more for their money. And they can get it on the outskirts of town.
For example, a 20-year-old woman bought a new home in a subdivision in the desert outside Albuquerque. She paid $119,000 — about half of the national median home price, $220,000 — and got a new three-bedroom house and a yard for her dog.