Gen Z’s State-to-State Moves in 2024
A recent report from LendingTree highlights that nearly 11 million Gen Z adults, which is roughly a quarter of that demographic, relocated across state lines in 2024, based on data from the Census Bureau.
The analysis indicated that about 10.7 million out of 44.6 million Gen Z adults, equivalent to 23.9% of this generation, moved to a different state or the District of Columbia in 2024. This number is significantly greater than that of other age groups, with Millennials at 14%, Gen X at 7.2%, and Baby Boomers at 5.2%.
South Carolina saw the highest net influx of Gen Z adults, gaining 22,843 new residents in 2024. Missouri followed with an addition of 14,063, leading a group of four states plus D.C. that each had net gains of at least 10,000 individuals from this age cohort.
Conversely, California experienced the most significant net loss, with 58,109 Gen Z adults leaving in 2024. Among these, approximately 19,287 relocated to Texas. New Jersey and Illinois also faced substantial outflows, losing 37,556 and 20,031 Gen Z residents, respectively.
Matt Schulz, LendingTree’s chief consumer finance analyst, noted in a conversation with FOX Business that the fact that one in four Gen Z adults moved across state lines “is quite a lot and it’s, by far, the largest percentage seen from any other generation.” He provides some context by suggesting that it makes sense for this group to be mobile, as many are venturing out for college or new job opportunities, which gives them more flexibility in their decisions than older generations.
Regarding the states that welcomed the most Gen Z adults, Schulz pointed out that there wasn’t a single commonality among them, given that states like Texas, Washington, and New York had significant net gains.
“There was a noticeable amount of movement between neighboring states, such as North and South Carolina around the Charlotte area, or New York and New Jersey, which played a large role in the overall trends,” he added.
It seems that affordability concerns likely influenced Gen Z’s decisions to migrate as they searched for areas where they could maximize their budgets. Yet, there’s no distinct trend in this regard. Schulz remarked that states with major net losses tend to be more costly, like California and Massachusetts, although Louisiana serves as an outlier to that pattern.
“Affordability does seem to be a driving factor,” he said, noting that differences in housing and job availability can be stark across states, making it essential for individuals to feel empowered when navigating such choices, especially in a high-inflation environment.
Schulz mentioned that for anyone contemplating a move, there are numerous considerations, with finances being just one component. Other factors include personal support systems, family planning, taxes, and job prospects.
For potential movers, he acknowledged the weight of the decision, emphasizing that the last thing anyone wants is to backtrack due to a hasty choice. Taking the time to consider everything from property taxes to weather patterns is critical.
Ultimately, Schulz advises that many elements contribute to the right living situation beyond mere affordability. It’s crucial to prioritize what’s important to you and thoroughly evaluate your options before making a big decision.
