There’s been a lot of chatter and analysis surrounding the habits
of Millennials (defined as individuals born in the late '80s through the early aughts). Data about the generation's behaviors — on everything from shopping to procreating to beauty routines — has taken center stage across a vast number of industries. So, it’s
pretty unsurprising that Millennial real estate trends are also under the microscope.
We probably all have our ideas of which
cities are prime locations for Millennials when it comes to industry and
lifestyle, but according to Main St, a RealtyTrac survey has crunched the numbers and pinpointed the
actual best (and worst) places for them to live. The findings take into account the percentage of growth of the Millennial population, what percent of income goes to rent, and the average median price of housing.
Tapping into data from 473 U.S. counties, RealtyTrac concluded that in most of the country, it is cheaper to own versus rent (duh). However, the data also showed that in
some cities, renting is actually preferable for Millennials.
So, which cities made the list of the best places to live? In first and second place are Arlington and Alexandria, Virginia, respectively. Not only is that because the median income spent on rent is 28% (way lower than the national average), but both cities have also seen a huge surge in their Millennial populations, with approximately 80% growth from 2007 to
San Francisco ranked as the third best, which is kind of puzzling
considering how notoriously expensive it is to live there. But, despite it being pricey (median rent is $2,801 for a
one-bedroom) and having an unfavorable income-to-rent percentage (42% of your
dough will go to rent), it has the largest Millennial growth and the highest
incomes. Other cities include obvious picks like Manhattan and more surprising
ones like Clarksville, Tennessee.
Sitting high on the list of places you don’t want to go if
you’re a Millennial (mostly due to median income-to-rent ratios) is The Bronx, which came in at number one, followed by Baltimore, Philadelphia, Brooklyn, and Miami.
Okay, anyone suddenly getting an itch to move? (Main St)