Millennials have made up the top-homebuyer demographic since 2016 and are likely to the primary demand segment for housing for decades to come. With a current force of 71 million in the population cohort, where Millennials end up moving and working may change the destiny of cities and states across the U.S. – both those gaining people and those in retreat. Millennials are forecast to exceed the Baby Boomers as the top population segment in the U.S. by 2019 according to the Pew Research Center.
To identify where Millennials are growing (and shrinking) SmartAsset gleaned through US. Census Bureau data examining 217 cities focusing on Net Migration. Net migration is defined as the total number moving in minus those departing. In this study included age groups range from 20 to 34.
The following states had greatest net migration of Millennials in 2016. Added also are the 12-month job growth rates as of May 2018. All but one of these top-10 Millennial Net-Migration markets – Virginia — had a job growth rate better that the 1.61 percent U.S. average for the same period. Once again this proves my Axiom that jobs are everything to the economy and the ultimate demand for real estate.
The next table shows the top city destinations for Millennials. While there are three cities from Virginia in the top-10, they are all include in the same Metropolitan Statistical Area (MSA).
To read the entire article and study from SmartAsset click https://smartasset.com/mortgage/where-are-millennials-moving-2018-edition
As usual, I invoke the TINSTAANREM axiom — There Is No Such Thing As A National Real Estate Market or a National Economy. The same is true regarding where Millennials are moving a departing.
Pay attention to where Millennials are landing and you will know where the future economic and population growth nodes will be.