A vast range of factors results in the movement of the millennials to certain areas, staying for a longer time or choosing to relocate after a short period of time after arrival. According to the report “Most Popular areas for Millennials: where they move and stay.” the major factors which impact the decisions of the millennials the most are the affordability and the job market of that particular area.
The report assessed and evaluated the gains of employment, the trends prevailing in that population, the income levels of the locals and the conditions of the houses in the 100 largest urban areas throughout the country to recognize the most prevalent areas for the millennials. Amongst the 100, 10 were shortlisted because of their high share of both current millennial residents and new movers, as well as the promising employment opportunities of those areas.
Yun passed the following statement: “In comparison to other areas, Madison offers one of the highest wages for millennials. Moreover, this income level combined with the robust employment opportunities and the affordability, make Madison among one of the most appealing locations for millennials who are looking to stay longer and raise families.” He added on: “The increasing employment rate in California is another strong selling point among this generation. While the rate of unemployment in Bakersfield is higher than it is nationwide, we’re seeing job growth there pick up at a strong pace. Home building in Bakersfield is rising, too. Many newcomers to San Francisco and Los Angeles do not stay for long because of unaffordability. Millennials moving to Bakersfield meanwhile are looking to take advantage of conditions toward home ownership.”
“An overwhelming majority of younger and older millennial home buyers responded that their strong desire to own a home was the primary reason that they purchased their home. As long as supply keeps up to meet demand, and prevents costs from rising too high and too rapidly, these identified metro areas are likely to see an uptick in purchases from millennial homebuyers – including Oklahoma City.” Yun concluded.