Young Adults Relocated Most During Pandemic—Here's Why
A recent Bankrate.com survey found 31% of young adults aged 18 to 31 relocated during the pandemic. Gen Z, aged 18 to 24, were most likely to relocate with 32% moving. Millennials, aged 25 to 40, followed behind with 26% relocating during the pandemic. Gen X and Boomers were least likely to move. Those who did move largely did so to be closer to friends and family, find more affordable living, or for a job. Less popular reasons for relocation were to find more space, different climates, and the ability to work remotely.
While many of the respondents left cities, they did not go far.
In the New York metro area, three of the five most popular places to relocate from Manhattan were less than 15 miles away, according to Bankrate’s analysis of data from the U.S. Postal Service.
Meanwhile, people who left other cities, such as Austin, Texas, Dallas, Houston or Orlando, Florida, mostly chose new home bases that are less than 30 miles away.
“It really seems like people are just leaving the densest neighborhoods to go to places where they may be able to get a bit more bang for their buck,” said Zach Wichter, a mortgage and real estate reporter at Bankrate.