Millennial New Movers – The Latest Trends

April 23rd, 2018 by

 

According to a new report from the Brookings Institution, Millennials—which the report defines as being born between 1981 and 1997—now make up a quarter of the country’s population, 30 percent of the voting age population, and nearly two-fifths of the working-age population.

The Brookings Institution looked at the group through many lenses, including homeownership rates, education, and poverty. Analysis of U.S Census data shows an increasingly diverse generation: 55.8 percent are white and nearly 30 percent are what the authors called “new minorities,” namely Latino, Asian, and those identifying as two or more races.

A study by TD Bank showed that more than 50% of Millennials have moved within the past two years, compared with 23% of Generation X (ages 35-54) and 15% of those 55 and older.

In terms of banking behaviors, Millennials are less likely to open a new primary account after moving than any other generation. However, of those Millennials who did change their primary bank accounts after moving, 22% reported choosing their bank based on branches that are close to work.  This is very different than the 55+ group, where 64% choose their bank based on proximity to home.

Millennials also put a higher emphasis on finding new local amenities like grocery and drug stores when preparing to move than Gen X and those 55 and older.

According to Realtor.com, older millennials (aged 25 to 34) make up 13.6% of the US population but 30% of the current population of existing-home buyers.

As millennials continue to enter the housing market, the hot spots are areas where inventory is generally more affordable.

Cities with highest growth in millennial population, 2010-2015

CityIncrease in millennial population
Colorado Springs14.70%
San Antonio14.40%
Denver12.80%
Orlando12.70%
Honolulu12.20%
Austin11.80%
Cape Coral, Florida11.70%
Houston11.70%
Sarasota11.10%
Seattle10.80%

Brookings Institution/U.S. Census Bureau

Businesses looking to reach this group can utilize the Dataman Group New Mover list, and select New Movers into their markets by age.

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