When people think of millennials some envision coddled, overeducated college grads snapping selfies and drinking lattes. As the recession has waned and more have moved into the job market, many have noted the growing trend towards urbanization that millennials tend to be fond of. While this may be currently popular among these young-adults, research shows that many millennials see themselves ending up where their parents were: living in the suburbs, having a spouse and children and commuting to work and activities by car.
While today only 30 percent of millennials are married, that number is expected to grow to 64 percent in the next five years. These newly wed millennials are also intent on raising families, as nearly 55 percent plan on having children in the next five years (a jump of nearly 20 from today’s numbers).
With these growing families comes a growing need for space. Currently, eight out of 10 millennials either already own or plan to purchase a home at some point in their lifetime. The number of households headed by millennials is expected to grow to 21.6 million by the year 2018. Despite an apparent move away from automobile use, nearly 88 percent of millennials still use a private automobile as a mode of transportation once a week or more. A large part of this is probably attributed to the fact that, as a country, the United States has far fewer communities that support alternative modes of transportation. While the average non-mortgage debt amount for millennials is roughly $50,000, nearly 79 percent expect their situation to improve within the next five years.