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Millennials Are Less Mobile Than Past Generations, But It’s Not Because They Love Cities

WASHINGTON DC 05.08.2017

MONTGOMERY COUNTY STATE OF THE MARKET

Featuring an Interview of Marriott CEO Arne Sorenson

Arne Sorenson -- Marriott International
Mike Gill -- The State of Maryland
Barry Glassman -- Glassman Wealth Services
Suburbs, homeownership

There are plenty of myths surrounding Millennials live/work/play preferences, one in particular being that they love urban metros and despise the suburbs. While that perception is a bit exaggerated, what is not is how financially strapped the generation is. A recent study revealed the generation does not have much wiggle room when it comes to housing relocation options. 

A new Pew Research Center report said Millennials are less mobile than the last four generations were at their age, with 20% of 25- to 35-year-olds changing residences last year compared to 26% of Generation X members moving in 2000, the Wall Street Journal reports. The Pew report said many of these people are stuck where they are because they cannot afford to buy a home, largely due to rising rents and tight credit.

Many economists are worried about the trend, since moving has typically been a way for Americans to pursue better jobs and few Millennials buying homes isn’t a good sign for the housing market.