High rents, tight credit, student loans, and a preference for an urban lifestyle keeps today’s young adults from moving
Between the nation’s economic and job growth, and the increased tendencies to delay marriage and having children, Millennials have all the reason to move. But, they’re not.
Realtor.com reports that, according to new analysis from the Pew Research Center and U.S. Census data, only 20 percent of 25 to 35 year olds said that they changed addresses within the previous year. To compare past generations at the same age, 26 percent of people in Generation X moved in 2000, and 27 percent of late Baby Boomers relocated in 1990.
With many Millennials staying put, the U.S. mobility rate fell to an all-time low of 11.2 percent in 2016.
Rising rents and home prices, tight credit, and exorbitant student loan debt have made it tough for young adults to save for a house. Many Millennials, though, simply aren’t motivated to give up an urban, walkable lifestyle for a move to a quiet suburb.
The low homeownership rate among young adults has been one of the biggest dim spots in the housing-market recovery. The homeownership rate among households headed by someone 35 or younger fell to 34.7% in the fourth quarter of last year, down from 39.2% in the fourth quarter of 2010, according to U.S. Census data.