For many, leaving home and going to a big city is a dream move. However, the U.S. Census Bureau reports that millennials can’t afford the high prices of these cities and are relocating elsewhere.
The Bureau says nearly 30,000 young people, aged 25 to 39 years old, ditched major cities last year. A report from Axios says that the moves are due to the rising rent and housing costs. They add that young people are relocating to suburbs outside of the high-priced cities.
Chicago and Washington D.C. are two major urban areas where young people are leaving. The Wall Street Journal says that not all big cities are seeing a drop in young people. Austin, Texas and Columbus, Ohio are seeing a rise in millennials. Another report by SmartAsset shows that NYC is also losing in popularity, specifically to Seattle and Denver.
With the economics and interests of young people being so different than the past, it will be interesting to see how desired geographical areas differ in the future.