COVID Forced 31% of Young Adults to Relocate
The most affected group according to the survey. Overall, 16 percent of adults were forced to relocate amid the pandemic.
Generations were as follows:
- Gen Z (ages 18-24) saw 32 percent relocate
- Millennials (ages 25-40) saw 26 percent relocate
- Gen X (ages 41-56) saw 10 percent relocate
- Baby boomers (age 57-75) saw 5 percent relocate
The main reason cited for relocation was to be closer to friends and family, according to 31 percent of respondents. Affordable living came in as the second reason, with 27 percent looking for more affordable living.
However, many of those surveyed that left cities didn't travel far. For example, in New York, 3 of the 5 places that saw the most relocation from Manhattan were less than 15 miles away.
“It really seems like people are just leaving the densest neighborhoods to go to places where they may be able to get a bit more bang for their buck,” said Zach Wichter, a mortgage and real estate reporter at Bankrate.
Bankrate's survey included 5,518 adults.