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Millennials are moving – away

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The trend has been going on for a while now so it’s not really big news but more and more millennials are finding themselves priced out of the Bay Area. In a recent poll, more than 60 percent of those surveyed under 30 said they expect to leave the Bay Area in the next few years.

The other trend, of course, is living in the home in which they grew up – with their parents. Nearly 36 percent of Silicon Valley adults between the ages of 18 and 34 were still living at home in 2017.

High home prices, low inventory, and soaring rents are all continuing to contribute to this situation with no end in sight.

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Moving Out

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The East Bay Times points out that moves out-of-state by the three largest moving companies in 2017 had the largest margin over arrivals in 11 years. Overall, the gap of 3,965 between outgoing and incoming was the second largest in the nation, behind only Illinois in 2017.

However, it should be pointed out that both exits and entrances by moving van are down considerably – by almost 40 percent – from the 2006 levels. Analysts explain this reflects the growing trend of all Americans to be be moving less as the population gets older and relocating is increasingly more expensive.

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33% of Home Owners Will Move in the Next 5 years

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The Demand Institute’s recent survey of 10,000 households found that fully one in three say they plan – or hope – to move within the next five years. Fully 75 percent of those planning to move cited the location of the home as a prime reason for moving, more than the actual home itself.

Top among these reasons were:

  • Safer neighborhood (30%)
  • Being closer to family (27%)
  • Change of climate (26%)
  • Being closer to work (25%)
  • Moving for a new job (23%)

59 percent of those planning to move won’t be going too far: within 30 miles of their current home is their destination. For those moving due to climate reasons, the West and South are the common destinations.

One common thread is the desire of walkable communities, which is reflected in the stronger-than-average home-price growth in these areas.

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