High home prices are pushing three groups of people out of big, expensive cities: low-income workers, people in rural-based industries, and millennials.
Using data from the 2014 5-year US Census American Community Survey, Uh looked into migration patterns away from the biggest — and often most expensive — cities.
He wrote in a post Thursday, “Millennials accounted for the largest share of out migration [by age group] at 51.1%, and they also had the highest move-away rate relative to expectation at +105.6%.
“Although Millennials moved out at a rate greater than expected for every single city studied, one thing to note is that San Jose and San Francisco, known to be booming tech hubs, saw lower move-away rates relative to expectation compared to the other top cities.”
So clearly, several millennials can still afford, or are at least willing, to pay the lofty housing costs.
Here are the cities seeing the biggest outflow of millennials relative to expectations:
We’ve noted before that millennials may have reached peak-urban living. Many young people flock to big cities for the big companies, nice-paying jobs and fun social scene.
However, they soon find the cost of living in these places unsustainable, especially if they are going to start families and pay for children.