As millennials migrate to the suburbs in search of homeownership, the affordability of the housing market is a chief concern, and not all areas offer the same quality of homes for a low price.
Around half of all millennials are projected to move to the suburbs according to a Bank of America survey conducted earlier this year. But many of the most in-demand suburbs bring along hefty home prices rivaling the cities they surround.
There are some suburbs that offer more than most in terms of home prices, cost of living and cultural events, though.
A new ranking from Storage Cafe listed America's 100 top suburbs based on the Zillow Home Value Index and found some topped the poll when it came to overall affordability.
The top 10 were:
- Schaumburg, Illinois
- Decatur, Georgia
- Lombard, Illinois
- Skokie, Illinois
- Fort Myers, Florida
- Bloomingdale, Illinois
- Vernon Hills, Illinois
- Hackensack, New Jersey
- Woodbridge, New Jersey
- Troy, Michigan
Chicago Suburbs Rule
As the list reflects, Chicago's suburbs dominated in terms of best overall value. Schaumburg came in first place with the cheapest homes across the country without sacrificing quality.
With 3.7 restaurants and 396 square feet of park space per 1,000 people, the town hosts plenty of fine dining alongside an ample array of outdoor space for an active lifestyle.
Companies have been known to set up their office space in the Chicago suburb for slightly cheaper as well, as Schaumburg has 160 square feet of office and coworking space per capita.
Having a higher income and relatively fewer expenses in the Chicago suburb allows residents to take advantage of all the cultural events the nearby city has to offer without breaking the bank. It also might be why Schaumburg has a life expectancy of 77.8 years, compared to the national 77 average.
The other nearby Chicago suburbs of Skokie and Lombard are also solid choices.
You can expect a home price of $362,000 in Skokie or go even cheaper in Lombard for an average price of $335,000. For the proximity to the city, these neighborhoods provide a relatively low cost of living while still offering access to cultural and lifestyle events.
Lombard residents earn an average of $89,079 and also get 452 square feet of park and green space per capita in addition to entertainment and fine dining options.
Atlanta Has Solid Suburbs Too
If you'd prefer to be a bit more down south to avoid those Midwestern winters, Decatur, Georgia, might be the place for you.
Homes in Decatur sell for an average of just $315,000, making it the second cheapest suburb in the United States. Compared to nearby Atlanta, Decatur's homes are a steal, averaging roughly $60,000 less than the houses in the state capital.
Other nearby suburbs include Duluth and Suwanee, which boast slightly higher home prices of $419,000 and $571,000 respectively.
No matter which town they choose, residents can rest assured they will enjoy more temperate seasons and top school systems and parks. There's also a relatively low crime rate of just 1.5 percent.
New Jersey Remains a Top Suburban Spot
Near the bottom of the top 10 are several New Jersey suburbs that continue to make the case that the state is one of the best places to live if you want to be close to New York City without the jaw dropping rent and home prices.
Hackensack and Woodbridge ranked eighth and ninth as they offer homes as low as $395,0000.
With New York City just a train ride away, residents can both enjoy the peace and tranquility of the Garden State while embracing the lively cultural mecca of the city.
The price savings are no comparison to the $716,000 cost in New York City. Even other nearby New Jersey suburbs force residents to spend $419,000 in Newark or even $578,000 in Jersey City.
Moving Out of the City
Even before the pandemic, more young people were looking to move out of big cities for lower cost of living and calmer lifestyles.
When the coronavirus pandemic hit and shifted office jobs to a remote work culture, many urban dwellers fled cities entirely, preferring the low costs and ease of the suburbs.
Typically lower crime rates, better schools and greater access to the outdoors are key reasons many make the move to the suburbs, but for many, it ultimately comes down to cost. Buying a home or raising a family is significantly cheaper if you pick a spot just a few miles away from the city hubs.
New York City and Chicago have been two noteworthy cities that experienced population decline as the suburbs attracted more homebuyers, and many young people reported moves to the suburbs shortly after the pandemic.
In just one year's difference from 2019 to 2020, 48 percent of millennials reported living in the suburbs compared to 44 percent the year earlier. The same was true for Gen Z: 49 percent lived in the suburbs compared to just 41 percent in 2019, according to Cowen and Company research.
Uncommon Knowledge
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
About the writer
Suzanne Blake is a Newsweek reporter based in New York. Her focus is reporting on consumer and social trends, spanning ... Read more
