As millennials move to places with better job prospects, baby boomers are downsizing to smaller communities with lower population density, according to a report from real estate data firm RealtyTrac.
The report analyzed census data between 2007 and 2013 from 1,800 counties nationwide to determine which counties were seeing the biggest shifts in millennial and baby boomer populations. RealtyTrac then added data on median real estate prices, price appreciation and rental rates to get deeper understanding of migration rates and their impacts.
The firm found that, in general, millennials moved to areas with lower unemployment and better job prospects, but also with higher home prices and rents. Baby boomers, in general, moved from higher-priced real estate markets to lower priced ones, even though those places tended to have lower median household incomes and slower home price appreciation, RealtyTrac found.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
