08 July . 2019
Young homebuyers are ditching cities for fast-growing suburbs like Georgetown
Finding themselves priced out of inner neighborhoods in popular big cities such as Austin, Millennial homebuyers are flocking to nearby suburbs such as Georgetown in search of affordable new homes and highly regarded schools as they start their own families.
“The back-to-the-city trend has reversed,” said Brookings Institution demographer William Frey in a recent article in the Wall Street Journal.
Now in their early 20s to late 30s, Millennials are following in their footsteps of their parents and grandparents, who migrated from inner cities to the suburbs starting with the post-World War II housing boom. The economic downturn of the past decade prompted many Millennials to postpone getting married and buying new homes, but now this huge generation of more than 70 million is catching up.
As Millennials head to the suburbs to start new lives as homeowners, big-city growth rates are stalling, and small cities such as Georgetown have become some of the fast-growing places in the nation.
Home to Rancho Sienna, Georgetown is the 7th fastest-growing city in the nation, according to the most recent data available from the U.S. Census Bureau. In the 12-month period ended July 1, 2018, Georgetown grew by 5.4 percent, bringing its population to 74,180. Round Rock, another Austin suburb near Rancho Sienna, ranks 15th nationally in the U.S. Census report.
Affordability is a big draw from Millennials starting to have families, but so are lifestyle and schools. A recent analysis ranked Austin as the No. 1 city in Texas for first-time homebuyers, due primarily to the affordability of homes in close-in Austin suburbs such as Georgetown.
Rancho Sienna is a great community for Millennials, offering a variety of traditional single-family homes, detached condominium homes and patio homes at prices from the low $200,000s to $700,000s. With highly regarded Liberty Hill ISD schools, social events, and more than 100 acres devoted to parks, trails and natural open space, Rancho Sienna also offers a lifestyle that appeals to Millennials.
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