For most Millennials, the classic movie trope of finishing university and heading to work in “the big city” while meeting new friends and a romantic partner is a narrative we’re all too familiar with. Current trends suggest the stereotypical lifestyle we’re familiar with will continue to change rapidly as Millennials move to the suburbs more.
Recent data from Cowen collected feedback from 2,700 respondents and found 48 percent of Millennials identified as living in the suburbs in 2020, compared to 44 percent in 2019. This correlates with additional data saying 35 percent of Millennials identified as living in cities in 2020, versus 38 percent in 2019. The trend was comparable for Gen Z respondents, with 49 percent identifying as living in the suburbs in 2020, versus only 41 percent in 2019. These changes have increased home ownership for both Millennials and Gen Z, as housing prices outside of the city are far more reasonable for young professionals.
COVID-19 drives Millenials to find more affordable living options
In the present day, even before the pandemic but combined with the effects of Covid-19, more Millennials have been leaving cities in favor of more affordable living in the suburbs or in the south and out west. Rent prices increased by an average of 15 percent in popular cities and has been the case since 2017, with the pandemic only accelerated the mass migration. One in five adults in the United States moved due to the pandemic, including 37 percent of people ages 18 to 29, with the main reason cited as wanting to reduce their risk of contracting the virus.
The recent trend of Millennials moving to more suburban or rural areas hasn’t been unique to the United States, with Millennials in other locations such as Europe experiencing the same pull towards life outside the big city. A more relaxed pace of life, combined with renewed enthusiasm about working remotely, has many Millennials questioning their current living situation and staying open to the idea of a drastic relocation.
More Millenials moving to Texas and Colorado
States to watch include Texas, which has seen the biggest migration amongst Millennials, and Colorado, where Denver shined as the city with the highest net migration. Just as intriguing, five of the top 10 states Millennials have been moving to have no state income tax on salaries and wages. Overall, this data shows Millennials have been looking for ways to cut costs and make the most of their paychecks, while simultaneously seeking a fresh start outside of what society might expect their geographical location to be.
Are you a Millennial looking to move out of a city and begin a new chapter in a fresh location? Gentle Giant is here to help. Give us a call at 800-442-6863 or fill out our free request an estimate tool to get the process started.