This likely varies a lot based on location, but my impression is that suburbs aren't as high-status with (some) young people as they used to be: many people who in my parents' generation aspired to owning a house+garage+car now aspire to live in the city and walk/bike/transit to work. That doesn't mean no spending, though; young people are certainly shelling out to live in San Francisco or Manhattan, even if they don't buy a car.