Young adults moving in greater numbers
Young adults are getting mobile and moving into cities at an increased rate. According to new census data, those adults between the ages of 25 and 29 are the primary out-of-state movers in the United States. The Herald News reports that after many young adults put their lives on hold due to the recession, new data shows that workers are taking advantage of the improving economy to get out of their parents’ homes and find work.
Real estate in Sacramento offers young adults the opportunity to take advantage of an improving economy.
The latest numbers show that young adults have moved out on their own to urban markets at the highest rate recorded for 13 years, The Herald News reports. In contrast, working professionals with families have continued to have low out-of-state migration levels. This trend may be the result of underwater mortgages and shrunken retirement portfolios. However, older professionals with families traditionally relocate less than the other age groups due to their greater ties to a community, children and increased need for financial security.
"We will see their migration rates swell even higher if the jobs become more plentiful," William H. Frey, a Brookings Institution demographer told the news source. "Families, older professionals and retirees will be latecomers - they have more financial baggage and will need to make more careful decisions about when and where to move."
According to the United States Census Bureau, the population in Sacramento was 1,436,105. Experts are predicting that the population in the California city will increase as more young adults travel to vibrant metro areas with an improving economy.
"Young people are moving out of their parents' basements and sampling places and sampling careers again," Frey said. "After living at home for a while, young people have kind of maxed it out. They are heading to bigger, vibrant cities, predominantly, because they’re looking for economic opportunity and building their social networks."
Already the unemployment rate in the Sacramento-Arden-Aracade-Roseville area has decreased to 10.3 percent in August 2012 - down from 10.7 the previous month. Industries with the greatest expected employment growth in August 2012 were construction, which improved 8.9 percent in a year-over-year comparison, trade, transportation and utilities, which increased 3.4 percent over a 12 month period and education and health services, which rose 3.2 percent from August 2011 to August 2012.
Young adults looking for the opportunity to grow in an economically sound metro can check out real estate in Sacramento.