Millennials are now the oldest living generation according to Pew research data, and one third of the current workforce. In times past, it was common to expect the younger generation to leave the farm and head out in search of the bright lights of the big city.
However, when it comes to millennials it appears as though the opposite is happening.
The Millennial Exodus
According to Time, that expected path did occur. Millennials flocked to the nation’s cities in droves. However, a reverse trend is appearing and some cities are rapidly losing their population of young people.
Cities like Boston and Los Angeles seem to have hit “peak millennial” and are seeing the generation exit en mass. The trend isn’t isolated.
Boston hit peak millennial in 2015 and has seen a gradual decline in the population since then. Boston lost roughly 7,000 millennials in 2016 as the generation has moved on from big city life.
Los Angeles still holds appeal among millennials but also appears to have hit peak millennial. In 2016, Los Angeles saw roughly 2,500 millennials move out of the city.
Where Are They Going?
To some cities who were counting on a healthy influx of young people to keep the wheels turning, this is cause for alarm. For others, like Jim Rooney, President of the Greater Boston Chamber of Commerce, this is an inevitable move.
“They’re doing what every generation does — they get married, start a family and think about having a backyard and looking at school systems.”
While some millennials may be ditching the city for the comfort of the family-friendly suburbs, rising housing costs may also have something to do with it. The median home price in Boston is a lofty $561,000. However, prices are rising and outpacing the relative increase in wages by nearly two to one.
In Search of Greener Pastures
Whether it’s the high price of homes or a desire to move to a more laid-back, family-friendly environment; millennials are at or approaching home buying age. While cities may be reaching peak millennial, there are still plenty of other locations to consider.
City vs City is a powerful cost of living app that allows millennial home-buyers (or anyone) to compare their current city with another of their choosing. Calculate your true cost of living by comparing income level, savings, expenses, state and local taxes, and more.
Wherever you currently call home an wherever you’d like to call home in the future; don’t make a a move without City vs City in the palm of your hand.