I own rental property in suburbs outside Philadelphia, my tenant's lease was up end of May and demand was off the charts compared to previous years. Only anecdotal, but had multiple people mention they just wanted to get out of the inner-city, but still be close.
Suburbs (around here at least) are a lot more millennial-friendly than people give them credit for. I think as millennials age and get over the "must be in walking distance of a social scene" mindset, this trend will accelerate. I also think the inner-city riots/looting/etc will stimulate this across the US.
Well of course millennials can't afford the inner city, being the poorest generation in modern history. Suburbs are usually cheaper (if you forget to net out transportation costs) so that's where millennials will go.
I agree with you, but I don't think it will be entirely about personal finances. Inner city living is a lifestyle that has high-highs (easy work commute if you work in the city, more vibrant social life, nearby public transit) and low-lows (higher crime/violence, unhealthy air quality, terrible public schools). As the highs start to matter less (social life not as active, remote working more acceptable, etc), and the lows start to matter more (they have kids, etc), I think the natural progression is that they move out of the city.
Suburbs (around here at least) are a lot more millennial-friendly than people give them credit for. I think as millennials age and get over the "must be in walking distance of a social scene" mindset, this trend will accelerate. I also think the inner-city riots/looting/etc will stimulate this across the US.