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A pandemic migration is underway, at least for young adults aged 18 to 31.
That’s according to a study by Bankrate.com that found that 31% of people in that age cohort had moved permanently or for an extended period of time during the pandemic. That’s compared to 16% of adults in general.
Gen Z – who are between the ages of 18 and 24 – were the most likely to pick up the stake, moving in with 32%. That was followed by millennials – between the ages of 25 and 40 – at 26%.
Gen X members – ages 41 to 56 – and baby boomers – ages 57 to 75 – were the least likely to move, with 10% and 5%, respectively, making moves.
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The main reason people moved was to be closer to friends and family, which was mentioned by 31% of respondents. That was followed by more affordable living, at 27%, or moving for a job, at 21%.
Others were motivated by opportunities for more space, 18%; different climates, 17%; or the ability to work anywhere, 17%.
While many of the respondents left cities, they didn’t go far.
In the New York subway area, the five most popular places to move from Manhattan were less than 15 miles away, according to Bankrate’s analysis of data from the US Postal Service.
Meanwhile, people leaving other cities, such as Austin, Dallas, Houston or Orlando, chose new home bases less than 30 miles away.
“It really does seem like people are just leaving the densest neighborhoods to go to places where they might get a little more bang for their buck,” said Zach Wichter, a mortgage and real estate reporter at Bankrate.
Bankrate’s research came from an online survey conducted in February of 5,158 adults. They also analyzed change of address requests from the US Postal Service from January 1 to December 31, 2020.