May 24, 2024
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Millennials are moving less, but much like retirees, they’re flocking to warmer cities across the U.S., according to a new study by Hire a Helper.
Millennials are moving less, but much like retirees, they’re flocking to warmer cities across the U.S., according to a new study by Hire a Helper.
Millennials are quickly approaching middle age. While millennials are among the highest earners, the study noted that the generation has the second-highest level of household debt. As of last year, over 50% of millennials owned a home, but 16% were still living with their parents.
“[High mortgage rates and low home sales] could explain why the amount of those in this generation who move has steadily declined,” wrote Volodymyr Kupriyanov, data journalist and author of the Hire a Helper study. “The share of millennials who moved last year is half of what it was just a decade ago.”
Using U.S. Census data, the study found that the three biggest drivers of millennial moves in 2023 were “Wanted new or better housing” (16%), “New job or job transfer” (13%) and “To establish own household” (11%). The study also reported that the share of millennials moving for cheaper housing (9%) in 2023 is the highest it’s been since 2011.
Where exactly are millennials moving? Here’s what the study found.
Tampa-St. Petersburg-Clearwater, Florida
Net millennial moves: 95%
The Tampa, Florida, metro area saw twice as many millennials move in versus leave, reported Hire a Helper. Data from Payscale shows that the cost of living in Tampa is about the same as the national average, but there are plenty of job opportunities.
Tampa ranked second on WalletHub’s Best Cities for Jobs 2024 report. The city stood out due to the quality of its companies, job security and employment growth rate.
Las Vegas-Henderson-Paradise, Nevada
Net millennial moves: 56%
More millennials are moving to the Las Vegas metro area than there are moving out, most likely due to housing affordability. Michael Vestuto, a real estate agent at Vestuto Realty Group in Las Vegas, previously told GOBankingRates that millennials are moving out of California and choosing to move to Vegas for its housing affordability — as well as its job and future growth opportunities.
Jacksonville, Florida
Net millennial moves: 54%
Jacksonville is another Florida city seeing more millennials move in. According to Payscale, the cost of living and housing is 6% lower than the national average. Jacksonville Mayor Donna Deegan also recently announced that $10 million will be included in her 2024-2025 budget to “jumpstart an innovative affordable housing loan fund,” News4JAX reported.
Nashville-Davidson-Franklin, Tennessee
Net millennial moves: 53%
A 2023 report from real estate brokerage Redfin placed Nashville on its list of popular homebuyer migration destinations — the first time since 2021. The report noted that many locals have been priced out of homeownership, but more buyers are moving in from places like New York and California where housing prices are even higher.
“Nashville has relatively low property taxes, insurance costs and utility prices, along with no state income tax, all of which definitely help if you’re looking for a lower cost of living,” said local Redfin Premier real estate agent Kristin Sanchez.
Austin-Round Rock, Texas
Net millennial moves: 47%
Both millennials and members of Gen Z are moving to the Austin-Round Rock metro area. According to Business Insider, people who moved to this Texas city had higher incomes than locals and were drawn to the area’s job opportunities and relatively lower cost of living.
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