Younger Generations on the Move
The conventional wisdom about Millennials is that they move (and move home) more frequently than older generations, and a new study from Porch will only reinforce that belief even further.
Out of the 1,000 people surveyed, Millennials were found to move once every two years. Gen Xers moved about every four years and baby boomers stayed in the same place for nearly six years at a time.
And while mortgage rates remain low, Millennials aren’t buying homes as early in life as older generations are, and they credit that to student loan debt and other debts stacking up. They are also the generation that moves to the city and back to the suburbs again.
In fact, Porch’s study found that 34% of people live within 10 miles away from their childhood home.
Overall, there were three major sectors found where people felt satisfaction in their living situation. Personal safety was at 86%, family life at 80%, and the satisfaction with their current city at 77%.
The amount of Millennials who say they want to move in the next 10 years is 73%. Of that, 59% are owners and 85% are renters. There are 53% of Gen Xers who say they will move in 10 years; 44% are owners and 77% are renters. Even though baby boomers move less, many still expect to move – 43% to be exact, plan to move in the next 10 years; 34% are owners and 59% are renters.
While 44% of movers said they would move from one house to another, 13% said they would downsize and move from a house to an apartment or condo. Only 15% said they were sticking to an apartment.
A new job is a big part of the reason behind moving – 81% of movers said they left for a new job, and 62% of movers changed jobs after the fact. Of those who moved, 25% said they regret relocating for a job.
The top five industries relocated for are technology, finance and insurance, education, medical and health care, and manufacturing.
Posted on housingwire.com on 8/9/19.