Americans move all the time; four-in-ten Americans even state that they are very likely or somewhat likely to relocate within the next five years. But, as far as the younger generation is concerned, are these movers going to be actually purchasing property?
This May marked yet another year of millennials graduating college and breaking into the job market and the real world. College education has been one of the key indicators of the likelihood to move in the past. Roughly 77% of college graduates have changed communities at least once, compared with only 56% of those with only a high school diploma or less. These graduates are also much more likely to have lived in multiple states and communities.
But with uncertain job prospects, little home buying experience, and an ever-changing legal system, millennials are likely to not buy as much property as their generational predecessors, causing a major shift in the real estate market.
As Curbed states, the U.S. Census Bureau reports that the percentage of Americans moving over a one-year period fell to an all-time low last year at 11.2%. Pew Research Center data shows that young adults between the ages of 25 and 35 years old are relocating much less than previous generations (only 20% in 2016).
Despite the uncertain real estate market, the millennials that are able to relocate are choosing popular metro areas. According to Forbes, the best cities for millennials in terms of both job prospects and real estate opportunities are Seattle, Washington; Baltimore, Maryland; Pittsburgh, Pennsylvania; Dayton, Ohio; and even Detroit, Michigan.
Although larger metros like New York City, San Francisco, and Washington, D.C. have plenty of career opportunities for millennial graduates, the extremely high cost of living is too much for the average college grad.
College grads are on the hunt for lucrative careers in these cities that provide a strong work-life balance. Perhaps the main reason millennials aren’t able to move to these vibrant (and potentially expensive) cities is because their job prospects aren’t as sure of a thing as they were in the past.
However, there are still plenty of lucrative career choices to break into, it’s just a matter of finding them.
One industry that could soon see more millennials break into, believe it or not, is the print industry. Print is currently one of the largest industries across the entire planet. It’s actually eight times larger than the video game industry and even the auto industry. A career as a typist, for instance, might require 15 hours a week of practicing to develop the necessary skills, but once gained, can lead to a moneymaking career.
Forbes put together a list of the most popular jobs for college graduates in 2017: including sales associate, research assistant, teaching assistant, social media manager, and web developer.
“The good news is this is the best college grad year in a decade,” said Diane Swonk, CEO of DS Economics. “We should see full-time hires pick up.”
CNBC states that during the month of May, the unemployment rate stayed at a rate of 4.4%, and many economists are optimistic about both the wage growth and the job prospects for college grads.
In smaller towns like Ocala, Florida, (11 miles north of Belleview) college grads are looking to larger-scale industries for their careers of choice.
According to the Ocala Star Banner, college grads in the area are applying for jobs in the healthcare, retail, and service industries.
“Our economy is growing, the private sector workforce has grown by 13+ percent in the last three years, and real wages are growing and growing faster than our competitors,” said Kevin Sheilley, president and CEO of the Ocala/Marion County Chamber and Economic Partnership. “Degrees which signify learning but no demonstrable skills are much less valuable than they once were. Developing and attracting workers with skills will be absolutely necessary for this area to continue to grow and prosper for both the short and long terms.”
When it comes to actually purchasing homes, however, in any of these major or small market cities, the number one reason millennials aren’t buying is because of the financial obstacles involved.
A lot of college-educated millennials are still carrying a lot of student debt,” said data analyst Chris Salviati. “To move to some of the best-paying jobs, millennials have to live in some of the most expensive cities. And throughout the country, increases in home prices are outpacing wage growth.”
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