Millennial Migration Report Shows Interesting Results
A recent study conducted by moving services company HireAHelper has revealed some eye-opening trends when it comes to the relocation patterns of millennials in the United States.
This largest American generation, born between 1982 and 2000, is now approaching middle age, and the study found that while fewer millennials are moving compared to previous generations, those who do are looking for greener pastures in red states like Texas, Florida, and Montana.
One of the main questions asked by the study was why millennials are choosing to stay in place rather than move. The reasons for this were varied, but one important factor is the current state of housing unaffordability. With soaring mortgage rates caused by inflation and a lack of affordable housing options, it is becoming increasingly difficult for millennials to achieve the American dream of owning a home. Even those who can afford to make a down payment are struggling, as current mortgage rates are up to three times higher than they were in the previous decade.
Financial considerations are another important factor keeping millennials anchored to their current locations. Due to the crushing weight of student loan debt and other financial burdens, many millennials simply do not have the resources to make a move, with a large percentage living paycheck to paycheck.
However, when they do have the means to relocate, Texas and Montana are the top choices, attracting the largest number of incoming millennial residents. In 2020, almost 400,000 millennials moved to Texas, making up 10% of all cross-state moves by this generation. Montana, meanwhile, saw a staggering net gain of 95% of incoming millennials.
Interestingly, not all the states that saw an influx of millennial residents were red states. Blue states such as Connecticut, Maine, and New Hampshire also saw a rise in millennial population due to net migration. This suggests that while some millennials may be moving away from liberal-leaning states like California and New York, others are still drawn to the amenities and opportunities offered by blue states.
On the flip side, states that experienced a larger number of millennials leaving than arriving were predominantly blue states like New York, California, and Massachusetts. These states saw negative migration rates of 52%, 39%, and 28% respectively. This could be attributed to factors such as high taxes, cost of living, and a general sense of dissatisfaction with the current economic and social climate in these places.
Even at the metropolitan level, a similar pattern can be seen. Tampa, Florida tops the list as the most desirable location for millennials, with almost twice as many people moving in compared to those leaving. Las Vegas and Austin, Texas also saw a significant number of incoming millennials. On the other hand, cities like New York, San Jose, and Los Angeles experienced the highest number of millennials leaving, likely due to the same issues seen at the state level, as well as a slew of other factors like crime rates and quality of life.
Overall, the study paints a picture of a generation struggling to gain a foothold and achieve the financial stability and success seen by the generations before them. Many are burdened by debt and struggling to afford the high cost of living, let alone make a cross-country move. And while some are choosing to move to more conservative states in search of better opportunities, others are still drawn to the amenities and opportunities offered by liberal-leaning states.
This study serves as a reminder of the complex factors at play when looking at the current state of millennial migration in the United States.