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Americans are moving less, thanks to a stagnant labor market and a nearly frozen housing market.
But people in their 20s are bucking that trend, and these young people are moving for both new and familiar reasons, a new report shows.
This report is published by the Bank of America Research Institute and is based on data from millions of bank customer accounts. Over the past three years, we’ve seen a significant decline in the frequency of Americans’ travel.
This is especially true for Millennials (those born between 1978 and 1995) and Generation X, those born between 1965 and 1977.
But Americans born after 1996, known as Generation Z, are moving more than they were in 2023, “making them the most resilient population when it comes to moving,” wrote Joe Wadford, an economist at the Bank of America Research Institute and lead author of the report.
The most popular destinations for Gen Z to move to are Denver, Minneapolis, Austin, and Philadelphia. What’s notable about these metros is that they don’t necessarily have the strongest economy. For example, Wadford noted that Denver and Minneapolis both saw a decline in the number of jobs created in January.
“This suggests that factors other than the labor market (culture, environment, etc.) may draw some young people to certain cities,” he wrote.
But some of the places that have always attracted young people will still be popular in early 2026.
New York City, San Francisco, Seattle, and San Jose all saw an increase in the number of Gen Z people moving in, even though more Gen Xers and Boomers were moving out than moving in.
Like previous generations, members of Gen Z are likely attracted to the dynamism and opportunity of such places. This is enough to offset the rising cost of living. In contrast, older Americans may be looking for cheaper subways as they age and retire, Wadford wrote.
Some of the areas older generations are likely to move to boast warm climates, including Austin, San Antonio, and Raleigh. Gen Xers and Boomers are leaving colder, more expensive areas like New York, Seattle, Chicago, and Portland.
“Broadly speaking, Americans are settling in place,” the release accompanying the report concludes.
