That’s a staggering statistic, with equally staggering implications. There are 80 million Millennials in the United States, which means that even ignoring all other demographics there is an existing market of 70 million people who want to live the urban lifestyle in this country. 70 million! That’s more than the total population of France. It’s five times the combined population of the cities of New York, Chicago, San Francisco, Philadelphia, Boston, and Washington (the six cities often considered to be America’s most urban).
This means there’s an absolutely tremendous unmet demand for urban living in this country, and that there’s an equally tremendous oversupply of suburban homes. It means that it is time to rethink how we define the American Dream.
Some naysayers may suggest this is a blip, that young people have always liked cities, but once they start having children they’ll abandon them for the ‘burbs just like their parents. I dispute that, because I think cities are good for kids too. I don’t intend on leaving my future children trapped in a house that’s only accessible by car, with nowhere to go and nothing to do except play video games in the basement. But that’s beside the point. Even if the naysayers are right, there will still be a revolving door of scores of millions of Americans who want to live the urban life.
This is a big deal, no ifs ands or buts about it.