Thursday, Sep 19, 2024

Gen Zers are ‘increasingly drawn to simpler living.’ Here’s where they’re moving.

Gen Zers are looking to live in simpler, quiet locations in the Midwest or mountain regions.

Emilia Mann, a senior analyst at StorageCafe, said Gen Z didn’t have the same location preferences as older generations.

“Gen Zers are increasingly drawn to simpler living in their housing choices,” Mann told Insider via email. “Unlike millennials, who often gravitate to DC, Washington, and Illinois, Gen Zers tend to favor states with lower population density, from the mountainous terrains of Montana and Idaho to the plains of Kansas and Nebraska.”

Of course, part of what’s driving Gen Zers to these states is the acceptance of remote work, more affordable homes, and the closeness to outdoor activities.

Data from RentCafe showed Gen Z homeowners totaled 2 million in 2022, while Gen X and millennial homeowners totaled 24.4 million and 18.2 million, respectively.

Doug Ressler, the business intelligence manager at Yardi Matrix, told Insider those older generations were holding onto their homes as interest rates stayed high, leading Gen Zers to find new places to live due to the lack of supply and affordability.

Ressler said because Gen Z couldn’t get into the housing market in popular cities — in both buying and renting — they were casting a wider net in their home search

“We see the Gen Zers be more movement-oriented, especially in long distances,” Ressler said.

To determine the number of Gen Z movers, which was limited to those aged 18 to 23, StorageCafe analyzed 2021 data from the Census Bureau’s American Community Survey Public Use Microdata Sample. It also used the Census data to determine the median value of owner-occupied housing. For rent values, it relied on data from Yardi Matrix.

These are the 10 states where Gen Zers are migrating to, as determined by StorageCafe, ranked by percentage of total newcomers who identify as members of that generation.

10. Indiana

Gen Z percentage of total move-ins: 13%

Number of Gen Zers who moved to the state in 2021: 109,271

Home value: $182,338

Average rent: $1,229

Unemployment rate: 3.2%

9. Nebraska

Gen Z percentage of total move-ins: 13%

Number of Gen Zers who moved to the state in 2021: 31,092

Home value: $202,183

Average rent: $1,206

Unemployment rate: 1.9%

8. Montana

Gen Z percentage of total move-ins: 14%

Number of Gen Zers who moved to the state in 2021: 18,975

Home value: $319,228

Average rent: $1,578

Unemployment rate: 2.4%

7. Utah

Gen Z percentage of total move-ins: 14%

Number of Gen Zers who moved to the state in 2021: 61,652

Home value: $420,639

Average rent: $1,618

Unemployment rate: 2.4%

6. Wisconsin

Gen Z percentage of total move-ins: 14%

Number of Gen Zers who moved to the state in 2021: 93,323

Home value: $230,209

Average rent: $1,459

Unemployment rate: 2.5%

5. Kansas

Gen Z percentage of total move-ins: 14%

Number of Gen Zers who moved to the state in 2021: 59,638

Home value: $185,298

Average rent: $1,165

Unemployment rate: 2.8%

4. Iowa

Gen Z percentage of total move-ins: 14%

Number of Gen Zers who moved to the state in 2021: 58,515

Home value: $176,095

Average rent: $1,164

Unemployment rate: 2.7%

3. Idaho

Gen Z percentage of total move-ins: 15%

Number of Gen Zers who moved to the state in 2021: 41,351

Home value: $366,120

Average rent: $1,595

Unemployment rate: 2.7%

2. North Dakota

Gen Z percentage of total move-ins: 15%

Number of Gen Zers who moved to the state in 2021: 19,555

Home value: $219,939

Average rent: $1,044

Unemployment rate: 2%

1. South Dakota

Gen Z percentage of total move-ins: 16%

Number of Gen Zers who moved to the state in 2021: 20,703

Home value: $213,472

Average rent: $1,096

Unemployment rate: 1.8%

This article was written by Jordan Pandy from Business Insider and was legally licensed through the DiveMarketplace by Industry Dive. Please direct all licensing questions to [email protected].

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Title: Gen Zers are ‘increasingly drawn to simpler living.’ Here’s where they’re moving.
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Published Date: Wed, 29 Nov 2023 13:04:25 +0000

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