Migration patterns by baby boomers and millennials during the first quarter of this year had little in common, according to data released by Bank of America (NYSE:BAC).
During the first three months of 2023, Las Vegas, Phoenix, Tampa and Orlando were among the most popular destinations for baby boomers. Austin also continued to attract inward migration, but at a much lower level than in previous years. The metro areas with the highest level of baby boomer outward migration in the first quarter were Washington, D.C., New York City, San Francisco, Seattle and San Jose.
For millennials, Austin was overwhelmingly the most popular metro for inbound migration in the first quarter. Cleveland, Tampa, Dallas and Charlotte also attracted millennial arrivals, but with far fewer numbers than the Texas capital. Millennial outbound migration was most notable in Los Angeles, Boston, New York City, San Jose and Seattle.
“Domestic migration continues to be a key theme shaping the housing market,” said Anna Zhou, economist for Bank of America Institute. “While rising interest rates are dampening home-buying demand in the near term, the housing market in cities where millennial and baby boomers are moving could see strength in the longer term as the former enter prime home-buying age and the latter downsize their houses.”
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