Millennials Are Thinking About Their Future -- And It Might Be In Suburbia

Millennials may be creating the “experience economy” and changing the traditional workplace, but on most measures, they aren’t all that different from the generations before them.

Nonprofit think tank The Demand Institute surveyed 1,000 millennial households to find out what, exactly, they expect for their futures. The findings aren’t revolutionary — in fact, the plans millennials hold fall right in line with their parents’ and grandparents’ perceptions of what it means to live the American Dream.

Here, we’ve republished the Institute’s findings with its permission, in nine slides that shed light on everything from how millennials are feeling about the next five years to how much they’re spending on rent.

By 2018, the number of American households headed by millennials will increase by over 60%.

Despite coming of age during the recession, millennials are just as optimistic as any young people who came before them: 79% expect their financial situation to improve.

Five years from now, 64% of millennials expect to be married, and 55% expect to have kids -- news that will probably be very welcome to grandparents everywhere.

And millennials are on board with the cornerstone of the American Dream: Over 80% of them either already own or plan to own a home.

Unsurprisingly for anyone who lived in a walk-up apartment out of college, the majority of millennials are on the hunt for more space.

To find it, nearly half (48%) are headed to the suburbs.

Despite buzz around millennials embracing a car-less life, 88% of these households own a car.

And even though they're suffering the brunt of student loans, many millennials still paying off college manage to purchase homes.

But despite their optimism, many millennials have a long way to go to make these plans a reality. Respondents only had an average of less than $US3,000 saved but not earmarked for retirement, outweighed by an average $US5,000 of non-mortgage debt.

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