Moving to a big, booming city is a common goal for many new graduates and those looking for better jobs. But data released by the U.S. Census Bureau found that millennials between the ages of 25 and 39 have actually started to leave big cities en masse.
This year marks the fourth year in a row that major cities like New York, San Francisco, Houston, Chicago, Portland, and more have seen a noticeable decline in the millennial populations. But why are Americans under 40 moving away? Unsurprisingly, it’s because of money.
Millennials are on the move to more affordable cities
The Gen Y exodus is happening for a reason: we’re broke. U.S. News reports that up to 40% of people can’t afford basic necessities in the United States.
To make life more affordable, millennials are on the hunt for more affordable cities and towns to combat ever-increasing housing costs and a lack of access to family-friendly amenities. Even Oahu, the most populated of the Hawaiian Islands, has seen a small population decline.
But that doesn’t necessarily mean millennials are moving to the suburbs. Big cities that are more affordable have seen increases in millennial populations including Austin and Columbus. About 33% of renters move every year.
How do you move to a new city when you’re strapped for cash?
It can be tricky to move to a new city, even one that’s more affordable, if you don’t have a lot of money for a safety cushion. Fortunately, there are a few ways you can prepare yourself for a major move.
- Save money by canceling subscriptions. When you’re strapped for cash and you’re looking to save to make a big move, every dollar counts. Start by cutting subscriptions for things you don’t need. Cancel streaming services, music subscriptions, cosmetics subscriptions, and clothing subscriptions. Use free streaming or music streaming services even if there are ads.
- Cancel your cable and Internet if possible. If you want to save a big chunk of change, consider canceling your Internet and cable. Of course, this might not always be possible, especially considering how many Americans work from home nowadays. But if you live near a public library and you only use your Internet for social media and other entertainment, consider using the library’s Wi-Fi instead to save yourself $100.
- Make your energy bills smaller. Approximately 50% of UVA rays can pass through your windows. To save yourself some money on your heating bill this winter, open the blinds and let the sun shine in. You can save money on your water bill, too, by finally contacting your landlord about that dripping sink. According to the EPA, leaks waste up to 180 gallons of water per week in the average household. That’s 180 gallons of water you’re paying for that you’re not using, and that’s money that could be going toward your moving fund.
- Sell furniture worth selling. If you want to save on moving costs, you can do two things with your furniture. You can either keep your belongings secure in a professional storage unit or you could sell them. Keep in mind that you don’t want to get rid of personal items that would be more expensive to replace than to move. Selling your bed frame might not be the best idea, but selling your couch could give you some extra money and save on moving costs.
- Bite the bullet and get a roommate. Sometimes the best way to save money is to move in with someone to cut down on rent. Even having just one roommate could help you save hundreds of dollars. Ask your friends if they know anyone that’s looking to move in with someone to help make the process easier.
It’s no secret that moving to a new city can be stressful. And you don’t want to be hasty with your moving plans when you don’t have a financial cushion. By following the tips above, you can save up a little faster to make the big move you’ve been hoping for.