As millennials move to places with better job prospects, baby boomers are downsizing to smaller communities with lower population density, according to a report from real estate data firm RealtyTrac.
The report analyzed census data between 2007 and 2013 from 1,800 counties nationwide to determine which counties were seeing the biggest shifts in millennial and baby boomer populations. RealtyTrac then added data on median real estate prices, price appreciation and rental rates to get deeper understanding of migration rates and their impacts.
The firm found that, in general, millennials moved to areas with lower unemployment and better job prospects, but also with higher home prices and rents. Baby boomers, in general, moved from higher-priced real estate markets to lower priced ones, even though those places tended to have lower median household incomes and slower home price appreciation, RealtyTrac found.
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