A study by the PEW Research Center shows that Americans are moving at the lowest rate ever. Who is to blame? Like every other problem, the blame is on millennials. Despite living with our parents and maybe finally getting a job in our desired field, we're still broke.
Video of the Day
PEW reports, "In 2016, only 20% of millennial 25- to 35- year-olds reported having lived at a different address one year earlier." That's six percent lower than rates reported by older generations (The Silent Generation and Gen X) when they were the same age.
This dip in millennial moves comes at a slight surprise, given that Millennials are also less likely to have a spouse, a child, or a home. We're too broke to buy homes, and now we're too broke to move. PEW suggests that a lack of funds may be the culprit for millennials choosing not to move.
That makes sense
Many millennials entered the workforce during The Great Recession. We had a hard time finding jobs — let alone jobs we took out student loans to qualify for — and the positions that we scored were low paying. According to USA Today, we still haven't escaped those ramifications. Compared to baby boomers, millennials are earning an average of 20% less, with the median household income at $40,581. USA Today reports, "Millennials have half the net worth of boomers. Their home ownership rate is lower, while their student debt rates are drastically higher."
Lower rates of home ownership may be responsible for the dip in moving, PEW finds. "According to the Census Bureau survey, in 2000 14% of Gen X movers said that their primary reason for moving was that they wanted to own a home, not rent. Just 6% of millennial movers in 2016 were so motivated."
While that's certainly true, we think there might be a secondary reason that millennials are moving less. Moving is expensive! The American Moving and Storage Association says that the average cost of moving in-state is $2,300. Looking to move out of state? That's going to cost you almost double, averaging at $4,300.
Yikes. So, fellow millennials, the next time your parents try to shame you for not owning a home or investing enough, hit them with those statistics. After all, there's nothing a parent loves more than a statistic.