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