Millennials’ Low Migration Rate Could Be Due To Homeownership Rates

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March 30, 2017

Young adults today are delaying major life milestones, which means they are free to chase their dreams and do whatever they want. That should include moving from place to place, but The Economist notes that this is not the case.

Last year, only 20 percent of people age 25 to 35 changed addresses. In 2000, 26 percent of people in the same age group moved.

The Economist theorizes that low homeownership rates play a factor. In the past, the desire to own a house spurred people into moving. The Census Bureau recently found that only 6 percent of Millennials said their primary motive for moving was to buy a house.

Also, Millennials are making less money, as median earnings for full-time workers between 18 and 34 dropped 9 percent from 2000 to 2013.

If it continues, the decline in migration among millennials could spell trouble. Americans become less likely to move as they get older. If they’re staying put now, millennials probably won’t shift for better opportunities later on either.

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