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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By: newscred_admin
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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