Just yesterday we reported that the next trend in urbanization will revolve around small cities. It looks like millennials agree. The majority of 20-somethings are shying away from big splashy cities like New York, according to a new Ypulse survey. Nearly 60 per cent prefer smaller digs—40 per cent for small cities and 19 per cent for the small town lifestyle.
The trend could also lead some businesses to rethink their choice in real estate. Less than year ago, millennials were credited with driving more corporations to relocate in urban areas, according to the The Brookings Institute.
Melanie Shreffer, editor-in-chief of Ypulse, points out that millennials have their eye on cities like Portland, Minneapolis, and Detroit. Bill Emerson, CEO of Quicken Loans, said that the company moved to Detroit because of that reason.
“There is an opportunity cost of not being in an urban environment. The youth of America, when they graduate, they’re looking to go to an urban environment,” Emerson told Laura Vanderkam of CNNMoney. “We believe that Detroit is a tremendous opportunity.”