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.
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...
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