Millennials and Boomers Trading Places
As the economy improves, Millennials and Baby Boomers are on the move, but they’re heading in opposite directions, according to a new analysis by real estate data firm RealtyTrac.
Each year, 17 million Americans (or about 6 percent of the population) move into a different county, according to Census Bureau data. RealtyTrac’s analysis found Millennials (considered born between 1977 to 1992, in this survey) to be the most mobile generation, moving away from counties with populations of 178,000 or fewer and moving into counties with larger populations (500,000-plus).
“The Millennial generation is generally moving from lower-priced to higher-priced markets for both buying and renting, with the tradeoff being more jobs (lower unemployment) and higher median incomes in the markets they are moving to,” the report revealed.
On the other hand, Baby Boomers (defined as being born between 1945 to 1964) are moving away from higher-priced markets with large populations to lower-priced markets in smaller counties. Baby Boomers are gearing up for retirement and are less concerned about the job market and more concerned with living in an affordable place, the report says.
According to RealtyTrac’s analysis, here’s where Millennials are heading:
- Fayette, Ga. (Atlanta)
- Citrus, Fla. (Homosassa Springs)
- El Dorado, Calif. (Sacramento)
- Yavapai, Ariz. (Prescott)
- St. Clair, Mich. (Detroit)
- Livingston, Mich. (Detroit)
- DeKalb, Ill. (Chicago)
RealtyTrac’s analysis shows Baby Boomers are moving away from at the fastest rates:
- Fulton, Ga. (Atlanta)
- Arlington, Va. (Washington, D.C.)
- DeKalb, Ga. (Atlanta)
- Wayne, Mich. (Detroit)
- Clayton, Ga. (Atlanta)
- Alexandria, Va. (Washington, D.C.)
- Milwaukee, Wis. (Milwaukee)
Where are the Boomers heading then? The highest percentage of Baby Boomers are moving to Florida, near Punta Gorda, Orlando, and Cape Coral, according to the report. Also, a high percentage of Boomers are heading to counties near Prescott and Phoenix, Ariz., and Hilton Head, S.C., according to the report.
Source: “10 Places Boomers and Millennials Are Escaping From the Fastest,” The Wall Street Journal (Aug. 17, 2014)