Millennials aren't killing the 'burbs. They're embracing them. A new Ernst & Young survey of 1,200 adults aged 20-36 shows that more millennials are buying homes in the suburbs than in cities.

In fact, when choosing where to live, millennials are behaving much like their parents did. Overall, rent or own, 38 percent of millennials live in the suburbs, compared to 37 percent in the city.

Among millennial homeowners, the suburbs are the clear No. 1 choice: 41 percent of millennial owners opt for suburbs over cities, small towns or rural areas. That's up from 36 percent in 2016, Cathy Koch, EY's Americas Tax Policy Leader, tells CNBC Make It.

It's not just that they're settling down as they get older, either, Koch says. When looking at the very same age group today compared to two years ago, there's an increase in the share of millennials living in the suburbs.