A growing number of millennials are packing their bags and passports and moving overseas.
According to a new report from MoveHub, a company that assists people with international moves, they have seen a 15 percent uptick in inquiries into moving abroad in the past year.
The report, which analyzed more than 180,000 international move inquiries, revealed that employment is the primary motivation for people moving overseas.
“These movers are what we have dubbed ‘professional migrants,’ moving for job opportunities and motivated by growing economies and better quality of life,” says Ben Tyrrell, the head of MoveHub.
Professional migrants, who are typically between the ages of 25 and 44, make up at least one-third of MoveHub’s moving inquiries.
“Most millennials are balancing the need for a job with an intense wanderlust, and 65 percent of young professionals are making the two work well together abroad,” explains Alexandra Yanik, lead researcher on the Global Moving Trends Report.
MoveHub said in the United States they receive the most moving inquiries from young professionals from New York, California, New Jersey, Florida and Texas. MoveHub also noted that they’ve received a growing number of moving inquiries from young Americans in New York, Los Angeles and San Francisco, all of which have a high cost of living.
“A third of the moves out of America are to other English-speaking countries: the United Kingdom, Australia, and Canada. This suggests that many Americans are choosing countries where there is a smaller language barrier,” Yanik said.
Interestingly, four of the top five countries that people are moving to — the United States, France, Australia and the U.K. — are also among the top five countries on a list of countries people are leaving.
“Professional migrants are often searching for something more than new job prospects,” explains Tyrrell. “They are looking for a bigger adventure.”
MoveHub noted that the upcoming U.S. presidential election has helped spur a near 30 percent increase in inquiries for moving out of the United States.
“The controversial presidential election has increased the appetite for Americans moving abroad, with New Yorkers being the most keen to relocate overseas. Political uncertainty seems to have shaken up citizens across key US states including California, Florida, and Texas,” said Tyrrell.
Would you consider an overseas move for the right job? Share your comments below or on our Facebook page.
How to find cheaper car insurance in minutes
Getting a better deal on car insurance doesn't have to be hard. You can have The Zebra, an insurance comparison site compare quotes in just a few minutes and find you the best rates. Consumers save an average of $368 per year, according to the site, so if you're ready to secure your new rate, get started now.