The study from investment management firm Cowen and Company shows among the 2,700 people Cowen surveyed, 48% of Millennials reported living in the suburbs compared with 44% in 2019.
Those who reported living in cities fell to 35%, down from 38% last year.
Cowen saw a similar trend among Generation Z respondents, or those aged 18-24: 49% reported living in the suburbs, up from 41% in 2019.
In fact, home ownership is rising among both Gen Z and Millennials, Cowen found: 30% of 18- to 24-year-olds say they own their homes, up from 19% last year and 48% of Millennials say they’re home-owners, a 1% increase since 2019.
Even more evidence of this comes from a Pew Research study from July found that showed one in five Americans moved during the pandemic or knows someone who did.