Millenials watch a video calling on the millennial generation to help end the problem of extreme poverty around the globe at the IMF/World Bank Group’s Spring summit on April 10, 2014. Miguel Juarez Lugo / Zuma Press file
According to a Pew analysis of recently released Census Bureau data, only 20 percent of respondents aged 25-35 said in 2016 they had lived at a different address than the year before. That’s lower than the career-minded Silent Generation, inwardly focused baby boomers, and independent Gen Xers. “When I was your age…” a member of one of those groups might begin, “we had a one-year migration rate of 25 percent or above…”
That might seem counter-intuitive, since millennials are less likely to be tied down by three of the biggest things that tend to hinder people from moving — a spouse, a house, or a child — compared to those previous generations, according to Pew research.
You could blame it on this generation rejecting norms, needing to be coddled, spending too much time staring at screens — any handy scapegoat will do.
But the answer becomes clear when you follow the money: They don’t have it.
Since 2010 there are fewer currently employed 18-24-year-olds (54 percent) than at any time since the government started collecting data in 1948. And there’s a wider employment gap between young and all working-age adults than at any time in recorded history.
It’s not that they don’t want to participate in the economy. There’s just less of it for them to join. Without a job to move for, why wouldn’t you stay close to home?