There is another dynamic I think is being ignored.
Most millenials are flocking to the urban centers. There “seems” to be so much opportunity for careers, multiple partners, and a vast world that never ends.
Wanting to live outside a city, even in a suburb, and raise a family is just not their life-time goals. They want to be hip, live in the city, and be a hipster. Being married in a small town or suburb is just so NOT cool.
So when do they grow up and settle down? Ever?
I lived in a city as a young single man. I’ve know numerous people who have lived in these trendy urban neighborhoods. But they don’t live there forever, and don’t live there once they start families.
Maybe I don’t know enough hard core trendy people???