The Millennial Generation

A new Apartment List report that surveyed 5,000 Americans and analyzed US Census data has confirmed the migration narrative of 2020: Remote work ignited a rebound in residential migration as the number of movers increased to 16% in 2020, up from 14% in 2019 — it was the first US migration increase in over a decade.

This has big implications for millennial homebuying in particular and wealth inequality in general. The Apartment List data showed that the migrants were largely high-income earners, meaning the migration was K-shaped, just like the uneven economy born as a result of the pandemic. 

With migration has come a boom in homebuying, and millennials have taken the lead in homebuying, with high-net-worth millennials at the top of the K.

Although the study doesn't break down generational data, millennials likely make up many of the high-income households, defined as those earning over $150,000. A previous Apartment List report showed that the millennial homeownership rate climbed to 47.9% from 40% just three years ago. 

Many of these millennial homebuyers were likely the same as the 16% of high-income workers who moved over the past year, a 39% jump from the Census Bureau's estimate of American migrants in 2019.  TO READ MORE, CLICK HERE...