Information from Zillow reveals that the amount of millennials who have lived in their current home for less than two years rose to 45.3% in 2017 from 33.8% in 1960.
"Shifting demographic headwinds and evolving workplace norms have significantly altered the housing decisions of young adults today. Untethered from family and enticed by new job opportunities, young adults are more mobile today than they have been over the past nearly 60 years," said Sarah Mikhitarian, Senior Economist at Zillow. "Instead of getting married or starting a family in their early to mid-twenties as was the norm in past decades, many are waiting until they are established in their careers.
“And the typical career trajectory has fundamentally changed since the 1960s as well—rather than climbing a corporate ladder, many are choosing to hop from one role or function to the next, often requiring a move to a new location."
Markets experiencing the largest increases of millennials with short tenures were Boston, Massachusetts; Pittsburgh, Pennsylvania; Detroit, Michigan; and Philadelphia, Pennsylvania. Zillow says the majority of adults who move do so within the same state, and an increasing share move to a different metro in the same state. The report states that 53.5% of millennials move within the same metro.
A possible cause of millennials to migrate to new metros is that they may move closer to a new job, and they stay at jobs for shorter times. According to Zillow, the average millennial has been with their current employer for 2.8 years, compared to more than 10 years for those 55-years old or older.
Zillow reports that among the 35 largest metros in the U.S., Boston had the largest share of millennials who have moved within the last two years in 2017—48.7%—a 22% increase from 1960.
Other metros with large increases were Pittsburgh (20.9%); Detroit (17.7%); and Philadelphia (17.4%). Four metros experienced a decline in young adults moving since 1960. Las Vegas, Nevada, had the biggest decline to 51.3% from 57.9%. Riverside, California, reported a 6.3% drop, San Diego, California, saw numbers decline 3.8%, and Orlando, Florida, reported a 1.3% dip.