Millennials – those born between between 1982 and 2000—comprise the largest American generation, and they’re approaching middle age. HireAHelper, a company that assists people in finding moving services, released its Millennial Migration study in March that revealed that fewer in the age group are relocating than in the past, but when they are, they’re ditching blue states like California, Illinois, and New York for greener pastures in red states like Texas, Florida, and Montana.
The first question HireAHelper asked was, why are Millennials mostly staying put? The reasons vary, but with out-of-control mortgage rates caused by Bidenflation, many of them can’t buy a house no matter where they live, so why move?
Housing UnaffordabilityOn average, aspiring first-time buyers can’t afford home ownership, due to the almost complete unaffordability of homes across the United States.
And the millennials who can afford a home are unlikely to buy (and move into) a newer home because current mortgage rates are two to three times higher than in the previous decade.
They’re also deep in debt as a generation, so that cuts down their maneuverability.
Another factor that’s holding millennials back from moving is finances. Saddled with an enormous amount of debt (a lot of it from student loans), many…
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