Breaking News: The millennium generation is aging. And when they enter the next stage of life – marriage, children, higher wages – Gen Y begins their exodus in bustling cities, just like the generations that came before it.
Data released by the US Census Bureau earlier this week show that about 27,000 millennials between the ages of 25 and 39 left major cities like New York, San Francisco and Houston in 2018 for greener, less expensive pastures, Wall Street Journal Reports. Chicago, Las Vegas, Washington, DC and Portland, Oregon are also seeing large numbers of residents leaving.
This marks the fourth year in a row that there has been a noticeable decline in millennial populations in major cities.
And where are they moving? To combat rising housing costs and lack of access to family amenities, the nearby suburbs mainly Axios Reports. But the Journal notes that other more accessible metropolitan areas are also gaining the millennium generation, including cities like Austin, Columbus, Ohio, Los Angeles, San Diego and Seattle.
A 2018 SmartAsset report revealed similar results. Using 2016 Census migration data, SmartAsset compared the number of 20- to 34-year-olds who moved to over 200 US cities with the number who moved away from them. He found that the most popular cities for the millennium generation include Seattle, Denver, and Minneapolis – not New York or San Francisco.
Notably, early-career workers, who are younger than millennials, are still moving to large cities to find career opportunities.
A 2018 survey of 1,200 adults between 20 and 36 years old Ernst & Young also revealed that more millennials are buying houses in the suburbs than in the cities. A lot of this is probably price related: Zillow 2018 Report found that homebuyers pay 26.5% of their rent each month for a mid-priced home in a city, compared with 20.2% for a similar home in the suburbs.
"It was a surprise to me to see this generation increasingly choosing suburban locations to buy homes," Cathy Koch, leader of the Americas' tax policy for the Americas, told CNBC Make It. But "the" suburbs "may well be smaller cities near larger urban areas – they still offer the richness of city life (including job opportunities) at perhaps lower house prices."
As more millennials buy houses, this trend is likely to continue.
Don't miss it: Almost 70% of millennials regret buying their homes. Here's why
Do you like this story? Subscribe to CNBC Make It on YouTube!
. (tagsToTranslate) Generation Y