Ah, the trappings of suburban life: white picket fences, yards full of lush grass and neighbors just a lot over. But it seems that way of life may all be coming to an end soon, if a series of new trends is to be believed.
According to , suburbs are seeing a decline in shopping malls, chain restaurants and the value of large homes as droves of large companies are moving back to big cities. These trends, a large population of millennials choosing to settle in urban areas, are leading to the decay of suburban residential areas.
Many young adults are remaining in or moving to cities for two reasons, it seems: They can't afford a home in the suburbs and they're more likely to find jobs in the city, according to . Due to the popularity of cities with millennials, suburban staples like shopping malls, chain restaurants and the suburban real estate market are all taking a hit.
Millennials no longer want to buy super-sized homes in the suburbs, which has caused the value of so-called McMansions to fall by up to 84 percent in some areas, according to . What's more, young adults are also opting to shop online and whip up homemade meals, affecting suburban malls and department stores, as well as restaurant chains like Ruby Tuesdays, Outback and Carrabba's Grill.
Large corporations are reacting to these trends by moving their headquarters from suburban business centers back to cities. "Part of it is that cities are more attractive places to live than they were 30 years ago and are more willing to provide tax incentives, and young people want to be there," David J. Collis, a corporate strategy professor at the Harvard Business School told .
It's unfair say that millennials dislike suburban living, though, experts point out. Many just can't afford it right now. "Millennials don't love cities any more than previous generations, they've just been stuck there longer, pining for the suburbs all the while," writer David Z. Morris says an article for . With thousands of dollars in student debt, and few job opportunities in the suburbs, remaining in cities just makes sense for this generation.