Real Estate

The young and the restless: High-earning millennials flock to cities

therealdeal.comYoung, educated professionals are moving to U.S. cities, driving up prices and spurring more development. Of the top 30 percent of U.S. households by income, 400,000 more lived in urban neighborhoods in 2014 than did so in 2006, at the peak of the housing boom, according to a new University of California – Berkeley study.

Rents in cities nationwide now average about $1,730 a month, compared to $1,250 for suburban spaces, according to CoStar.

Home prices in cities are 2 percent higher on average than those in the suburbs — a reversal of the relationship in 2010, when suburban homes were worth 4 percent more on average, the Wall Street Journal reported.

Categories: Real Estate

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