Millennials like to have fun and love urban living. But many are leaving the fun behind and moving to neighborhoods such as Terravita Scottsdale due to high prices in top cities. 

 

Only 17-percent of home buyers under 35 closed on urban residences, down from 21-percent from the year before, according to the National Association of Realtors®. The group looked at housing data from July 2014 through June 2015.

 

Suburbs, such as communities like Terravita Scottsdale, are becoming more appealing to buyers of all ages — not just millennials. In fact, about 51-percent of millennial home buyers bought homes in the suburbs compared with 58-percent of Generation Xers and over half of baby boomers. 

 

The largest share of home buyers is millennials, making up 35-percent, according to the report. This should come as no surprise since the motivations for millennials buying in Terravita Scottsdale usually have to do with life changes such as marriage or children. 

 

Down payment

The biggest challenge for home buyers of any generation is saving enough money for the down payment. More than half of millennials say this is the toughest part of buying a home. They blame student debt. About 23-percent rely of family help to come up with the money. 

 

Generations United, though, says that family help might not be what it used to be. Parents today could be tapped out from paying for their children’s college tuition as well as trying to help them pay their student loans. This may force more young people to live with their families longer. 

 

Generation Xers and Baby Boomers also say they're struggling to save for a down payment or that it was the most difficult part of the home buying process. These groups blame credit card debt.

 

Why move to the suburbs?

In the case of millennials, who tend to like urban areas more, there aren’t enough homes in their price range on the market. So many are moving to the suburbs and looking at neighborhoods like Terravita Scottsdale. But businesses seem to be following this generation. More cafes, trendy boutiques, and Whole Food stores seem to be moving to the suburbs. 

 

Who’s buying the biggest homes?

Once a home buyer moves to the suburbs such as Terravita Scottsdale, it’s the Gen Xers who most likely will want to trade up to larger homes as their families expand. Nationally, Gen Xers snapped up the largest homes, at 2,200-square foot, for about $263,200, according to the report. Meanwhile millennials typically bought 1,720-square-foot residences for $187,400.