Dive Brief:

• The Urban Land Institute's "Gen Y and Housing: What They Want and Where They Want It" survey released last week found that more millennials are renting than in 2010—up to 50% from 37%—and almost all hope to one day own a single-family home.

• Of the 1,270 survey respondents, ages 19 to 36, only 13% reported living in or near downtowns, as 63% said they live in other city neighborhoods or in the suburbs.

• The survey also revealed 70% of millennials anticipate owning a home in the next five years—a bump up from 67% in 2010.

Dive Insight:

Millennials, or members of Generation Y, represent the largest customer cohort since the baby boomers, according to The Wall Street Journal. Many have blamed the housing market's slow recovery on their hesitance to become homeowners. The ULI's survey results could show that although millennials can't afford homes now, hope is still alive that they will purchase in the future.

The shift away from downtown living is likely the result of skyrocketing rents in the nation's most popular locales. Other factors including student debt and difficulty finding well-paying jobs have been keeping potential first-time buyers stuck on the sidelines.