Where Do Most Renters Want To Live — And Where Are They Trying To Escape?
Unable to commit. Fear of missing out on something else (#FOMO). Not ready to settle down. No, we're not referring to your ex. Renters also often get a bad rap for being more flighty than their homeowner peers. And it isn't completely unfounded.
Nearly two-thirds of renters, about 64%, plan to settle down in a different city, according to an Apartment List report. So where do they want to go? And, perhaps more importantly, where do they want to leave?
The rental website surveyed about 24,000 renters, nearly two-thirds of whom were millennials, and then dug into its own internal data for the report. Apartment List looked at 50 large metros across the country for the report.
It turns out renters in the priciest metros on the coasts, such as New York and San Francisco, and in inland cities where costs are rising rapidly, like Denver and Austin, TX, are the most eager to move. Folks in colder climes where there aren't as many good-paying job opportunities, like Milwaukee, Cleveland, and Detroit, are also looking to relocate.
The most popular destinations are Los Angeles and Washington, DC. Atlanta, which came in third, is the most popular destination in the South.
"In the coastal cities, people want to move somewhere where rents are lower and where they can purchase a home," says Sydney Bennet, a research associate at Apartment List. The Los Angeles and Washington, DC, metros are also quite expensive—but they're not forever cities for everyone. "Those are big job hubs where a lot of people move, especially when they’re young. [But] they’re not necessarily going to settle down there."
Folks in the Sun Belt, the southern portion of the nation where the weather is warmer and the prices are often lower, are the most likely to want to stay just where they are. That is, if they're happy with their jobs, says Bennet.
San Antonio, TX, renters were the most likely to want to stay put—about 45%. That's due to the low cost of living, nice weather, and social scene. It was followed by Louisville, KY; Houston, TX; Raleigh, NC; and Charlotte, NC.
Overall, about a third of renters, 34%, want to move for better job opportunities elsewhere. An additional 30% want to relocate due to affordability concerns. But weather is also a factor, as are opportunities to score a date and make new friends. About 8% are seeking safer communities, while 7% want better commute times and weather. And 5% are hoping that moving will provide more opportunities for dating and making friends.
"You’re probably not going to leave New York or San Francisco for Detroit," Bennet says. "But there are these up-and-coming cities that provide an intermediate option."
Written by Clare Trapasso
This article, "Where Do Most Renters Want to Live—and Where Are They Trying to Escape?" appeared first on Real Estate News and Insights from realtor.com.
Image Credit:Skyler Smith via Unsplash
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