Millennial homeowners have caused a surge in the homeownership rate nationwide and most of them looked forward to moving to a new city in the next couple of years.
Over the previous year, millennials purchased 36% of the homes sold in the US, according to Porch's Millennial Home Buying Trend Report. Moreover, they had taken out 43% of total mortgages by the end of 2018.
However, millennials are purchasing homes later in life compared to older age groups. The reason, according to the millennials surveyed in the report, was student loan debt stacked on other debts.
Millennials are also more likely to move to the city, only to go back to their hometown. Around 34% of Porch's respondents live within 10 miles of their childhood home.
Approximately 73% of millennials said they plan to move in the next 10 years, 59% of which were homeowners while 85% were renters. Meanwhile, 53% of Gen-Xers (44% homeowners and 77% renters) and 43% of baby boomers (34% homeowners and 59% renters) said they want to move in the next 10 years.