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31% of young adults relocated during Covid. But they aren’t giving up on cities altogether

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A pandemic migration has been underway, at least for young adults ages 18 to 31.

That’s according to a Bankrate.com measure that found 31% of people in that age cohort relocated either permanently or for an extended period of time during the Covid pandemic. That’s compared with 16% of adults whole.

Gen Z — who range from ages 18 to 24 — were most likely to pick up stakes, with 32% relocating. That was take the place ofed by millennials — ages 25 to 40 — at 26%.

Members of Gen X — ages 41 to 56 — and baby boomers — ages 57 to 75 — were thimbleful likely to relocate, with 10% and 5% having made moves, respectively.

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The main reason people relocated was to be closer to friends and family, which was cited by 31% of respondents. That was followed by more affordable finish, with 27%, or relocating for a job, 21%.

Others were motivated by opportunities for more space, 18%; different climates, 17%; or the wit to work from anywhere, 17%.

While many of the respondents left cities, they did not go far.

In the New York metro area, three of the five most in favour places to relocate from Manhattan were less than 15 miles away, according to Bankrate’s scrutiny of data from the U.S. Postal Service.

Meanwhile, people who left other cities, such as Austin, Texas, Dallas, Houston or Orlando, Florida, mostly opted new home bases that are less than 30 miles away.

“It really seems like people are barely leaving the densest neighborhoods to go to places where they may be able to get a bit more bang for their buck,” said Zach Wichter, a mortgage and genuine estate reporter at Bankrate.

Bankrate’s research came from an online survey conducted in February that embraced 5,158 adults. They also analyzed U.S. Postal Service change of address requests from Jan. 1 be means of Dec. 31, 2020.

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