Millennials Are Moving More Frequently Than Previous Generations
More young people today have recently moved into their current home than those in previous decades
- The share of 25- to 34-year-olds who have lived in their current home for less than two years rose from 33.8% in 1960 to 45.3% in 2017.
- Among large metros, the biggest increases in the share of young people with short home tenures were seen in Boston, Pittsburgh, Detroit and Philadelphia.
- The majority of young adults who move do so within the same metro area, and an increasing share are moving to a different metro in the same state.
SEATTLE, Oct. 3, 2019 /PRNewswire/ -- 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 1960i, according to a new Zillow® analysis.
Younger adults have always lived in their homes for shorter tenures than older Americans as they start out in their careers and begin to settle into adult life. They may move to be closer to a new job – the typical employed Millennial has been with their current employer for 2.8 years, while the median tenure is more than 10 years for those 55 and olderii – into a bigger home when they marry or have children, or simply into a home of their own as they progress in their lives and careers.
But while 33.8% of people between 25- and 34-years-old had lived in their home for less than two years in 1960, that share rose to 45.3% by 2017.
Today's young adults are of course different in many ways than their counterparts in 1960. They tend to be more educated and are more likely to be renters, for example, who move more often than homeowners – nearly half of renters who moved in the past year already plan to move again in the next yeariii. Even after controlling for these differences, however, more young adults today have had a short tenure in their homes. Millennials are marryingiv and having childrenv later in life than their predecessors, which likely plays a role in their shorter housing tenure as these major life milestones are often catalysts for settling into a more stable housing situation.
The majority (53.5%) of young adults who move do so within the same metro area, perhaps to be closer to work or into a larger place as their family grows. 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 coresvi, 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.
"Shifting demographic headwinds and evolving workplace norms have significantly altered the housing decisions of young adults today. Untethered from family and enticed by new job opportunities, young adults are more mobile today than they have been over the past nearly 60 years," said Sarah Mikhitarian, senior economist at Zillow. "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."
Among the 35 largest metros in the U.S., the greatest increases in the share of young adults that had recently moved were in Boston (up 22 percentage points since 1960), Pittsburgh (up 20.9), Detroit (up 17.7) and Philadelphia (up 17.4). This share of recently moved young adults has fallen since 1960 in four metros –Las Vegas (down 6.7 percentage points), Riverside (down 6.3), San Diego (down 3.8) and Orlando (down 1.3).
Metro Area |
1960 - Share of Young Adults Who Had Lived in Home Less Than Two Years |
2017 - Share of Young Adults Who Had Lived in Home Less Than Two Years |
Difference (Percentage Points) |
United States |
33.8% |
45.3% |
11.6% |
New York, NY |
26.6% |
39.9% |
13.3% |
Los Angeles-Long Beach-Anaheim, CA |
43.2% |
43.9% |
0.8% |
Chicago, IL |
32.2% |
46.6% |
14.5% |
Dallas-Fort Worth, TX |
41.5% |
52.2% |
10.7% |
Philadelphia, PA |
25.9% |
43.3% |
17.4% |
Houston, TX |
36.9% |
49.6% |
12.7% |
Washington, DC |
39.5% |
50.8% |
11.3% |
Miami-Fort Lauderdale, FL |
44.3% |
47.9% |
3.7% |
Atlanta, GA |
35.7% |
47.7% |
12.0% |
Boston, MA |
26.8% |
48.7% |
22.0% |
San Francisco, CA |
41.7% |
46.1% |
4.4% |
Detroit, MI |
28.0% |
45.7% |
17.7% |
Riverside, CA |
47.3% |
41.0% |
-6.3% |
Phoenix, AZ |
47.8% |
49.1% |
1.3% |
Seattle, WA |
41.2% |
53.3% |
12.1% |
Minneapolis-St Paul, MN |
N/A |
47.7% |
N/A |
San Diego, CA |
54.4% |
50.6% |
-3.8% |
St. Louis, MO |
32.9% |
44.7% |
11.8% |
Tampa, FL |
41.5% |
51.3% |
9.8% |
Baltimore, MD |
28.7% |
45.2% |
16.5% |
Denver, CO |
43.9% |
53.7% |
9.7% |
Pittsburgh, PA |
24.2% |
45.1% |
20.9% |
Portland, OR |
39.3% |
51.8% |
12.6% |
Charlotte, NC |
35.9% |
47.5% |
11.7% |
Sacramento, CA |
47.2% |
47.7% |
0.5% |
San Antonio, TX |
40.2% |
49.9% |
9.6% |
Orlando, FL |
52.2% |
50.9% |
-1.3% |
Cincinnati, OH |
36.4% |
45.6% |
9.3% |
Cleveland, OH |
32.0% |
44.1% |
12.1% |
Kansas City, MO |
35.1% |
46.9% |
11.8% |
Las Vegas, NV |
57.9% |
51.3% |
-6.7% |
Columbus, OH |
40.3% |
47.4% |
7.2% |
Indianapolis, IN |
37.0% |
49.3% |
12.3% |
San Jose, CA |
44.5% |
52.2% |
7.7% |
Austin, TX |
48.0% |
51.9% |
3.9% |
About Zillow
Zillow® is transforming how people buy, sell, rent and finance homes by creating seamless real estate transactions for today's on-demand consumer. Zillow is the leading real estate and rental marketplace and a trusted source for data, inspiration and knowledge among both consumers and real estate professionals.
Zillow's proprietary data, technology and industry partnerships put Zillow at nearly every major point of the home shopping experience, helping consumers search for and get into their new home faster. Zillow now offers a fully integrated home shopping experience that includes access to for sale and rental listings, Zillow Offers®, which provides a new, hassle-free way to buy and sell eligible homes directly through Zillow; and Zillow Home Loans, Zillow's affiliated lender that provides an easy way to receive mortgage pre-approvals and financing. Zillow Premier Agent instantly connects buyers and sellers with its network of real estate professionals to help guide them through the home shopping process. For renters, Zillow's innovations are streamlining the way people search, tour, apply and pay rent for leased properties.
In addition to Zillow.com, Zillow operates the most popular suite of mobile real estate apps, with more than two dozen apps across all major platforms. Launched in 2006, Zillow is owned and operated by Zillow Group, Inc. (NASDAQ:Z and ZG) and headquartered in Seattle.
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______________________________
i Zillow analysis of the U.S. Census Bureau, Decennial Census, 1960 and American Community Survey, 2017, made available by IPUMS USA, University of Minnesota: https://ipums.org/
ii Bureau of Labor Statistics: https://www.bls.gov/news.release/tenure.t01.htm
iii 2019 Zillow Group Report: https://www.zillow.com/report/2019/renting-a-home-in-america/renter-overview-key-facts-figures/
iv Pew Research Center: https://www.pewsocialtrends.org/essay/millennial-life-how-young-adulthood-today-compares-with-prior-generations/psdt_02-14-19_generations-00-06/
v Pew Research Center: https://www.pewresearch.org/fact-tank/2018/05/04/more-than-a-million-millennials-are-becoming-moms-each-year/
vi Housing Finance Policy Center: https://www.urban.org/sites/default/files/publication/98729/millennial_homeownership_0.pdf
SOURCE Zillow
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