With the advancement of technology and the economy recovering from the recession, millennial moving trends are much different than they used to be. When young adults don't have families or large homes, their moving needs are a lot different. Here are a few ways moving today is different:
"In 2014 36% of young adults lived with their parents."
Living at home
Many people today are not in much of a rush to get married or start having kids. Men and women alike are content to wait until their early 30s to raise a family. Part of this has to do with a rise in college education. A greater percentage of millennials are attending college, and as a way to save money on housing, many of them are living with their parents. In fact, according to the Federal Reserve, in 2014 the number of young adults living with their parents was as high as 36 percent. However, even though millennials stay at their parents' homes a little longer than previous generations, they're still buying houses.
A 2015 report by the National Association of Realtors found 32 percent of homebuyers are millennials (ages 25 to 34). Urban areas are a popular location for many of these young adults. This is probably because cities have a lot to offer - especially for millennials who do not have children yet. By living in these busy areas, young adults have more opportunities to interact with local nightlife and events. Often, the cities also have more job opportunities.
When millennials do decide to relocate, they take advantage of technology. For example, young adults tend to do a lot of online research on city neighborhoods - they want to make sure the area they're moving to is safe and meets all of their needs. However, this isn't the only aspect of moving they study.
Millennials also read reviews about moving companies. This step helps them determine whether the people they're hiring are reliable and fair. Knowing this information allows millennials to make better decisions during their move and select the right professionals for the job.
Social media is also used by millennials during a move to purge unwanted belongings. Pictures can be posted on Facebook, Twitter and Instagram of furniture, clothing and other items along with a price tag and contact information. If people want to buy these things, they have a number where they can reach the person. This saves people the hassle of moving unneeded items, and it also gives them a little extra money to use during the move.
Another tool young adults frequently take advantage of are online apps. One such useful app is known as movr. This relocation service is extremely useful. Moving requires careful planning and organization, and this app helps people keep track of everything. From finding new living quarters and booking travel to connecting Internet services and other utilities, this tool has any user covered. This app is particularly beneficial for people who don't have much experience with moving. It can remind them what they need to take care of before their move date so everything gets done on time.
Budgeting for a move
Growing up during the recession and, for some, entering the workforce at this time has made many millennials conscious of their expenses. This awareness of money often leads young adults to budget their moves. Many people have found apps helpful for this task. Users can enter the amount of money they're willing to spend, and as they add items, the cost is totaled to let them know when they're reaching their limit.
In some cases, though, trying to create a budget can lead to trouble. Since most millennials don't have much experience with moving, they don't know what to expect from a relocation or how to budget for it. In an attempt to save money, young adults will often search online for the cheapest services they can find - this can lead to bad experiences with disreputable companies.
With many millennials taking part in their first move, it's also likely that they'll relocate again after a year or two. This is due to several factors - the first is expenses. When moving to the city, young adults aren't always prepared for how expensive living in an urban area can be. After settling into their new place, the cost of rent, the commute and other factors can become overwhelming. Once the lease is up, millennials will then pack up and find more affordable living options.
Another factor that impacts moving is corporate relocation. Millennials without children have more flexibility to move for a job opportunity than those who've already started a family. If a company expands to a new city and wants a few employees to make the transition as well, young adults are a good option.
Finally, millennials also simply have the freedom to move from place to place. Since settling down is something that occurs when people hit their early to mid-30s now, many millennials are taking advantage of their younger years by traveling. This gives them the chance to experience several different locations and determine where they'd like to live long term.