Millennials move more often and live in their homes for shorter periods than previous generations, according to a new analysis by Zillow.
The analysis found the share of young adults who have lived in their current home for less than two years is nearly 12 percentage points higher than in 1960. The typical employed millennial has been with their current employer for 2.8 years, while the median tenure is more than 10 years for those 55 and older.
In 1960, 33.8 percent of people between 25 and 34 years old had lived in their home for less than two years. That percentage was 45.3 percent by 2017.
“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,” Zillow Senior Economist Sarah Mikhitarian said in a release.
“Instead of getting married or starting a family in their early to mid-20s as was the norm in past decades, many are waiting until they are established in their careers,” Mikhitarian said. “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.”
Zillow said the majority (53.5 percent) of young adults who move do so within the same metro area. The greatest increases in the share of young adults that had recently moved were in Boston (up 22 percent since 1960); Pittsburgh (up 20.9); Detroit (up 17.7); and Philadelphia (up 17.4).
Zillow said the share of recently moved young adults has fallen since 1960 in Las Vegas (down 6.7 percent); Riverside, Calif. (down 6.3); San Diego (down 3.8); and Orlando, Fla. (down 1.3).