On the move - US millennials switch jobs over shorter periods than any prior generation
Keeping track of the movements of millennials may require a geo-tracker as a new study suggests that two in five millennials (41%) have moved to a new city this year - with no intention of staying permanently.
The 18 to 35-year-olds are often equated with a generation flocking to tech centers like San Francisco, but the study, which focused on millennial moving trends also found that more than half (53%) of millennials say they're likely to make a temporary, or "vacation," move in the next five years.
Although the highest number of millennials chose San Francisco, Los Angeles and Washington, D.C. as their top choice for a move, over three-fourths (74%) of millennial movers relocating to a new city have a timeline in mind. They cite the move coincides with a new job (40%), or a new lifestyle or experience (30%) or to find a new job (26%) but note that 78% said they plan to settle down around the age of 35.
"Our Mayflower agents across the country are moving millennials as they explore new cities, jobs and experiences, but our research shows that this generation does have plans to eventually settle down and choose a city as their permanent home," said Melissa Sullivan, director, marketing communications, Mayflower. "The findings of this year's Mayflower Mover Insights study reinforce what our agents are hearing every day – millennials are excited about their new homes, jobs and adventures."
"Millennials are a generation of what I call 'adventure movers.' Their motivations for moving are influenced by a sense of adventure, making these moves relatively short-term," said Dr. Jeffrey Arnett, research professor in the Department of Psychology at Clark University. "More than any generation before them, millennials have defined their 20s as a period of freedom and instability. This flexibility allows millennials to make moves in search of new job opportunities or adventures, even if they don't plan to stay in the long run."
While vacation movers aren't looking to settle down yet, 87% of millennials plan to settle down in their current city or find a city to live in permanently.
The study also found millennials continue to be drawn to urban centers, with 69% 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% currently living in a big city or an inner suburb near the city.