The majority of millennials and Gen Zers did not grow up to move away from their hometowns, according to new data from LendingTree (NASDAQ:TREE).
In a survey of 2,000 U.S. millennials and Gen Zers, 57% of respondents said they still live in their hometowns, while another 16% live near their parents but outside their hometowns.
Among those who didn’t leave the localities where they grew up, 42% said they felt obligated to stay near family, while 36% stayed out of convenience and 33% couldn’t afford to move.
Among the young parents in these demographics, 73% of millennial and Gen Z parents of children under 18 say it was important for them to be near family, with 21% citing child care support as their top reason.
As for those who did move away, 47% of millennials and Gen Zers said would consider returning to where they grew up and have family.
“Making ends meet in today’s economy can be tough for anyone, but it’s often especially challenging for young people,” said LendingTree’s Senior Economist, Jacob Channel. “The younger you are, the less likely you are to have a significant amount of savings or a high-paying job. From a financial perspective, living on your own without relying on your parents for help is harder than it was just a few short years ago.”
;
