RealtyTrac has analyzed Census Bureau data to map the migration patterns of baby boomers and millennials from 2007 to 2013 in more than 1,800 counties. The results show that millennials often are filling boomers’ shoes.
Millennials are gravitating towards more expensive markets to chase etter jobs with higher wages, while boomers are sailing away from high-cost markets to more affordable ones.
“The millennial generation is the key to a sustained real estate recovery, and boomers who are downsizing are helping open the door for many first-time homebuyers while also driving demand for purchases and rentals in the markets where they are moving,” said Daren Blomquist, vice president of RealtyTrac, in a statement.
“Naturally, millennials are attracted to markets with good job prospects and low unemployment but that tend to have high rental rates and high home price appreciation, while boomers are moving to lower-populated areas [that] have slower home price appreciation.”