Two in five Millennials have made a “vacation move” – a move to a city without the intention of staying permanently – according to a new study conducted by moving company Mayflower.
While Millennials, defined as 18 to 35-year-olds, are infamous for flocking to popular destinations like San Francisco and Seattle, the study indicates they aren't making these popular destinations permanent homes. According to the 2017 Mayflower Mover Insights Study, which focused on Millennial moving trends, two in five (41 percent) Millennials are "vacation movers" – that is, they have moved to a new city without intending to settle down there permanently. Furthermore, more than half (53 percent) of Millennials say they're likely to make a temporary, or "vacation," move in the next five years.
The study also found that about three-fourths (74 percent) of Millennial movers relocated to a new city with a timeline in mind, meaning they had a plan to leave their vacation city in a certain timeframe. The top reasons for making a vacation move are both practical and adventure-seeking: to work at a new job (40 percent), for a new lifestyle or experience (30 percent) and to find a new job (26 percent).
Where Millennials move could be a result of where they were raised. The study found that Millennials raised in urban areas move farther away from home as opposed to those raised in small towns or rural communities. Thirty-one percent of Millennials raised in urban areas moved 200 to 499 miles from their last home compared to only 14 percent from rural communities.
While vacation movers aren't looking to settle down yet, they may soon find a permanent home:
- 87 percent of Millennials plan to either settle down in their current city or find a city to live in permanently.
- More than three-fourths (78 percent) of Millennials plan to settle down around age 35.
- One in four (27 percent) Millennials say they'll have a permanent home before age 30.
- Millennials surveyed said the top reasons for settling down are getting a job they love (28 percent), getting their dream house or apartment (19 percent) and getting married (17 percent).
- To find a city to call home, Millennials are looking for job opportunities (66 percent), an affordable cost of living (60 percent) and good housing options (58 percent).
The study also found Millennials continue to be drawn to urban centers, with 69 percent currently residing in a city or an inner suburb near the city. The age group with the highest percentage of respondents living in an urban environment is 30 to 35-year-olds, with 81 percent currently living in a big city or an inner suburb near the city.
So what cities are attracting Millennials more than others? According to moves completed by Mayflower between January and December 2016, San Francisco, CA, is the hottest moving destination for Millennials, followed closely by Los Angeles, CA, and Washington, DC.
- San Francisco, CA
- Los Angeles, CA
- Washington, DC
- Seattle, WA
- Chicago, IL
- New York, NY
- Dallas, TX
- Denver, CO
- Houston, TX
- Atlanta, GA