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Millennials Move More Frequently Than Previous Generations
Millennials are moving more often and living in their homes for a shorter period than previous generations. The share of young adults who have lived in their current home for less than two years is nearly 12 percentage points higher than in 1960, according to new analysis by Zillow.
Researchers point out that younger adults have always lived in their homes for shorter tenures than older Americans. Zillow’s analysis showed that 33.8% of people between 25- and 34-years-old had lived in their home for less than two years in 1960. Yet by 2017, that share had risen to 45.3%.
Typically, landing a new job triggers the move, and because Millennials’ change jobs more frequently — roughly about every 2.8 years now – that translates into more frequent home moves, too.
Sarah Mikhitarian, senior economist at Zillow, says, “Instead of getting married or starting a family in their early to mid-twenties as was the norm in past decades, many are waiting until they are established in their careers. And the typical career trajectory has fundamentally changed since the 1960s as well – rather than climbing a corporate ladder, many are choosing to hop from one role or function to the next, often requiring a move to a new location.”
The majority (53.5%) of young adults who move, do so within the same metro area, though an increasing share are moving to a different metro within the same state. Young adults today are more likely than previous generations to live in urban cores, so these could be job-related moves from college towns or rural areas into nearby cities, where job growth has been concentrated in recent years.
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