Moneyed Millennials Just as Uncool as Their Parents, Study Shows
CARS.COM — Millennials’ notion of the American Dream, it turns out, may not be much different from their parents’ or grandparents’ versions; it was just delayed for a bit. A Ford-commissioned survey and a Zillow study reveal the (completely unsurprising) news that millennials are finally eschewing such fanciful things as living in a city, not owning a car and avocado toast in favor of having kids, moving to the suburbs and buying SUVs. The reason? They can finally afford these things!
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Significant student loan debt and a terrible job market might have delayed these still-common goals, but as those burdens lessen, millennials aren’t behaving much differently than previous generations. According to online real-estate database Zillow, nearly half of all millennial homeowners live in suburban areas, while just a third live in urban areas.
According to Ford, that suburban exodus coincides with the fastest-growing birth rate among the oldest millennials and youngest members of Generation X, and that same group is most likely to prefer mid-size and large SUVs as their ideal vehicle. Ford predicts total SUV sales to increase from 40 to 45 percent of the total sales of new vehicles in the U.S. in the next five to seven years, with the larger SUV markets outpacing the relatively young small-SUV market.
But remember, millennials: Minivans exist, and can be just as useful at hauling your family and your family’s stuff. If you’re too image-conscious to consider a minivan, perhaps a station wagon? Not everyone needs a Canyonero.
