A rush of Millennials is heading to Georgia to put down roots, seeking the perfect blend of affordable homes, career opportunities, and family-friendly living.
In fact, the Peach State experienced a net influx of more than 20,200 Millennials and 11,300 Gen Xers in 2023, making it one of the top picks in the race for young professionals, according to StorageCafe’s latest migration study based on the Census data.
Key findings include:
- Georgia gained almost 62,000 more residents than it lost in 2023, continuing a decade-long growth trend that has fueled a net inflow of over 400,000 new residents since 2014, placing Georgia among the top five destination states after Texas, Florida, and the Carolinas.
- Nearly 4 in 10 movers achieve homeownership within just a year of relocating.
- Additionally, the Peach State is drawing in a well-educated demographic. A full 33% of its new residents have earned at least a bachelor’s degree, and nearly one-fifth (19%) of incoming residents are remote workers, bringing their careers with them.
- Florida, Texas and California sent the most new residents, and when transplants from high-cost states like Florida and California can slash their home purchasing costs by 15-55%, it’s easy to see the appeal.
-
High-net-worth transplants from Illinois and New Jersey are bringing significant economic impact, with average net worth ranging from $77K to $90K, respectively.
I’ve asked Emilia Man, the lead analyst behind the story, to share her insights on the recent migration trends:
““What we’re witnessing is a fundamental reshaping of America’s demographic landscape,” says Man. “Affordability is driving interstate migration, with people gravitating toward regions where active construction meets housing demand.
The most fascinating trend is happening within these growth regions – moves from core cities to fast-growing outer suburbs. These areas offer more space, attainable pricing, and vibrant communities while keeping residents connected to the economic opportunities of larger metros. Georgia exemplifies this pattern perfectly, with its mix of urban centers and growing suburban communities attracting diverse demographic groups.”
For the full report visit www.storagecafe.com