- theMReport.com - https://themreport.com -

Independence, Not Marriage Prompts Millennials to Move Homes

Millennial, homeowner, movingIn 2017, 34.9 million Americans changed residence. At 10.9 percent household mobility rate, that the lowest moving rate that has been seen around the U.S. since the Census Bureau began keep track of migration trends, according to a research released by Trulia [1].

The research, which analyzed the reasons why people move with an eye on the millennial age-group found that 38.4 percent of 18 to 34 year olds lived with their parents or relatives, up from 28.7 percent in 1962. However, it noted that this slow movement has been seen across all age-groups and not only with millennials.

In fact, when it came to millennials it was independence, rather than traditional factors like marriage that made them think of moving out. Young women were closing the gap for job related moves, with young women moving for a job rising 5 percentage points in 2017, compared to 2000.

The research found that the proportion of moves made by each age-group has remained relatively constant over the years. It said that people under the age of 35 made up for the largest proportion of moves in 2017 and were 19 percent more likely to move than Americans aged 35 to 54 and 32 percent more likely to move than Americans aged 55 or older.

The study found that 18 percent of millennials wanted to move to establish their own households, while 16.1 percent wanted new or better housing. Around 11.9 percent millennials moved because of a new job or job transfer. At around 7 percent each, easier commute and cheaper housing ranked as one of their least likely reasons to move.

Pointing out that young Americans were twice as likely as their older counterparts to move because they wanted to establish their own households, the study said that in 2000 young adults moving to establish their own homes moved 2.5 times more frequently than they did because of getting married. This number had risen to 4.2 times in 2017.

The report also found that millennials are rebounding from the effects of the recession and moving for positive reasons such as to own instead of rent, or for better housing.

To learn more about the trends in millennial home movements, click here [2].