Where Millennials are Moving in 2020
In the past few years, and especially in the unprecedented current year of 2020, millennial moving trends have changed substantially. The advancement of technology, the economy recovering from recession and now the global coronavirus pandemic has meant that millennial moving trends are much different than in the past. Because many young adults have put off traditional milestones such as marriage, purchasing homes and starting families for economic reasons, their moving needs are a lot different than previous generations. As a leading Westchester moving company here are a few of the millennial moving trends that we have noticed here at Al’s Moving and Storage:
Millennial Moving Trends: More Young Adults Living at Home
These days, fewer young adults are in a hurry to get married or have children. As compared to previous generations, a greater percentage of millennials are attending college and many of them are living with their parents to save on housing costs. In fact, according to the Federal Reserve, in 2014 the number of young adults living with their parents was as high as 36 percent. However, even though millennials stay at their parents’ homes a little longer than previous generations, they’re still saving up to eventually buy houses.
According to the National Association of Realtors close to a third of today’s homebuyers are millennials (ages 25 to 34). Although urban areas have always been a popular location for many of these young adults, 2020 has brought a mass migration of millennials to the suburbs. One of the more notable millennial moving trends that we have come across is the increase in movers from NYC to Westchester and other suburbs due to the current coronavirus pandemic,
Increasing Use of Technology in the Moving Industry
These days, when millennials do choose to move, they take advantage of technology. Many millennials have been exposed to the internet and technology from an early age and tend to do a lot of online research on neighborhoods the decide to move to and on moving companies they hire to move them there. Millennial moving trends also indicate that they tend to read reviews about moving companies before utilizing there moving services. This helps them determine whether the movers they’re hiring are reliable and fair. Armed with this information, millennials are able to make better decisions during their move and select the right professional movers for their moves.
The advent of social media has also revolutionized the way millennials move especially when it comes to getting rid of unwanted belongings. Pictures can be posted on social media platforms and If people want to buy these things, they have a number where they can reach the person. This saves people the hassle of moving unneeded items, and is particularly useful when it comes to downsizing for a move.
Millennials on the Move
With many millennials taking part in their first moves, it’s also likely that they’ll relocate again in the relative near future. This is due to several factors – the first is living expenses. When moving to the city, young adults aren’t always prepared for how expensive living in an urban area can be. After settling into their new place, the cost of rent, the commute and other factors can become overwhelming. Once the lease is up, millennials will then pack up and find more affordable living options.
Another factor that impacts Millennial moving trends is that young adults without children have more flexibility to move for a job opportunity than those who’ve already started a family. If a company expands to a new city and wants a few employees to make the transition as well, young adults are a good option.
Finally, millennials also simply have the freedom to move from place to place. Since settling down is something that occurs when people hit their early to mid-30s now, many millennials are taking advantage of their younger years by traveling. This gives them the chance to experience several different locations and determine where they’d like to live long term.