Gen Z renters, individuals who were born between 1997 and 2012, are much more likely to move often compared to other generations, a report found.
More than half of Gen Z renters, or 55.5%, moved out of their homes after 12 months or less. Another 40.6% of Gen Zers moved out after staying in their homes for one to four years. Only under 4% of Gen Z renters stayed in their homes for five years or more. That is according to a recent report by Redfin, which analyzed renter data from 2022.
How Other Generations Compare
In comparison, Gen X renters---born between 1965 and 1980---were less likely to move out of their homes. At least 39.5% stayed in their home between one and four years, 22% stayed for five to nine years, and another 22% stayed for 10 years or more. Only 17.1% of Gen X renters stayed for 12 months or less.
Baby boomers, born between 1946 to 1964, were also less likely to move out compared to Gen Zers. Roughly one-third or 32.9% of baby boomer renters have lived in their homes for more than 10 years while another one-third or 32.2% have lived there for one to four years. Only 21.5% have lived in their home for five to nine years and 13.3% have lived there for 12 months or less.
Unlike Gen X and baby boomers, millennial renters followed Gen Zers as the second generation most likely to move out of their homes within five years. Specifically, 28.8% have lived in their homes for a year or less, 50.7% have stayed for one to four years, and only 20% stayed put for five years or more.
Why Gen Zers Are Moving
While there are numerous reasons why renters are moving, Redfin noted that adult Gen Zers are most likely to be in college or the early stages of their careers. Additionally, they are less likely to have children living with them at home. Furthermore, Gen Zers move out after purchasing their first home.
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