Millennials Flee Coasts in Favor of Central U.S.
As young Americans move out on their own, they’re choosing more inland areas of the country to call home. The metro areas seeing some of the biggest surges in millennial populations are in Charlotte, N.C.; Houston; and Austin, Texas, according to a new study by ApartmentsList.com, which factored in Census data to track the metro areas that saw the biggest changes in adults aged 18-35 over the past decade.
Top 10 Places Attracting Millennials
- Charlotte, N.C.
- Houston, Texas
- Austin, Texas
- Seattle, Wash.
- Omaha, Neb.
- Nashville, Tenn.
- Indianapolis, Ind.
- Tulsa, Okla.
- Orlando, Fla.
- Columbus, Ohio
Eight of the 10 large metros posting growth in millennial populations were located away from the coastlines. The exceptions were Seattle and Orlando.
Millennials appear to be flocking to areas where wage growth is high and there’s an availability of affordable housing, the study showed. The largest decreases in millennial populations occurred in metro areas with poor wage growth like Atlanta, Las Vegas, and Detroit, as well as in markets that did not offer a lot of affordable housing, like in Tampa and Denver, the analysis reported.
On the other hand, Charlotte saw its millennial population surge by more than 30 percent over the past decade. Houston and Austin saw increases of more than 15 percent.
The following metros saw the largest drops in millennial home ownership rates:
- Atlanta: -14.1% change from 2005 to 2015
- Detroit: -13.9%
- Tampa: -13.2%
- Las Vegas: -12.8%
- Richmond, Va.: -11.9%
- Chicago: -11.5%
- Phoenix: -11.3%
- Jacksonville, Fla.: -11.1%
“Our analysis does suggest some worrying trends for certain metros in the Midwest and South, which are losing millennials and experiencing declining home ownership rates,” according to the ApartmentList.com study. “More recent data suggests that some of these trends may correct themselves in time (Detroit, for example, actually grew in population by 6 percent from 2014 – 2015), but city planners and policymakers in those areas may want to pay close attention to these trends. In doing so, they would do well to remember that – despite popular stereotypes about millennials wanting urban lifestyles and amenities – good jobs and strong wage growth remain a key deciding factor for millennials across the country.”
Source: “Where Are Millennials Moving To?” ApartmentList.com (Nov. 4, 2016)
Source: NAR – Real Estate News
Millennials Flee Coasts in Favor of Central U.S.
