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Millennials are Staying Put…Here’s Why

In comparison to past generations, millennials are found to be moving a lot less. Check out Curbed’s article on this trend:

Why aren’t millennials moving as much as previous generations?

The economy has recovered from the housing crisis, but rates of mobility country-wide have reached record lows, according to an analysis of census data by Pew Research Center. This is in part due to a young adult population that’s moving way less than did their predecessors.

Back in 1990, 27 percent of young adults had moved within the previous year. For Gen-Xers in 2000, that rate was 26 percent. Fast-forward to 2016, and only 20 percent of millennials aged 25-35 had changed addresses within the past year.

moving-truck-boxes-1024x576Conventional wisdom would assume that the mostly childless and unmarried millennial cohort would pull up roots and transplant themselves to more opportunity-rich locales like their forebears did. But, surprise, surprise! It’s now too tough for the millennial generation to buy homes. Only 6 percent of millennials who did recently move did so because they wanted to own a home. For Gen-Xers in 2000, that number was 14 percent.

From 2006 to 2015, millennial homeownership rates fell from 40 percent to 32 percent. And a majority of today’s millennials don’t meet the median credit score requirements to get a mortgage from Fannie Mae, one of the biggest lenders in the country. Is it still shocking that nearly a third of millennials still live with mom and dad?

Via: Realtor.com, Pew Research Center

Although the research might say millennials aren’t moving, Roberto Montano of Frank Montro Homes says NOW is the time to buy! Check out his speech right here:

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