Millennials are moving to these cities the most, study says
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(KTLA) – When it comes to the top 10 places millennials moved to the most in 2022, cities in Texas and California take up nearly half of the list, according to a recent study from Smart Asset.
Researchers at the financial technology company looked at 268 cities included in the 2022 U.S. Census Bureau 1-Year American Community Survey to determine where millennials were moving to the most.
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The study defines millennials as adults between the ages of 25 and 44.
Overall, Census Bureau estimates found that roughly 8.2 million people moved between states in 2022, up from 7.9 million in 2021. The increase in movers, along with an increase in the percentage of state-to-state movers (18.8% in 2021 to 19.9% in 2022), continues a decade-long trend.
Here is where millennials moved to the most in 2022
- Cambridge, Massachusetts
- Santa Clara, California
- Seattle, Washington
- Sunnyvale, California
- Denver, Colorado
- Arlington, Virginia
- Bellevue, Washington
- Killeen, Texas
- Austin, Texas
- Sandy Springs, Georgia
These cities attracted millennial movers due to the vast number of opportunities, managing editor for economic analysis for Smart Asset Jaclyn DeJohn told Business Insider.
Some millennials may have chosen to move to Massachusetts to pursue graduate programs at Harvard University or the Massachusetts Institute of Technology, while others opted for Santa Clara due to its proximity to Silicon Valley in Northern California, according to DeJohn.
Researchers also pinpointed the cities with the lowest rates of millennials moving in. Some of those places included Santa Ana, Moreno Valley, Thousand Oaks and Lancaster in California; Port St. Lucie, Florida; and Brockton, Massachusetts.
Overall, the study found that one in four millennials moved to a different city in 2022.
When it comes to buying a house in those new cities, however, a recent Redfin survey found that nearly one in five (18%) millennials believe they’ll never own a home.
Affordability was the main reason cited among the 5,079 U.S residents, who either moved in the last year, plan to move in 2023 or are renting the home they live in.
