The 10 Best (And Worst) Places To Live If You're A Millennial
Everyone loves to scrutinize millennials — from their eating habits to their dependence on technology. But the reality is that millennial trends are often times where the money is at. So it's no surprise that those in real estate are paying attention to where 20-somethings are flocking.
Millennials are putting off purchasing homes, making them predominately renters. So where are they getting the most bang for their rent money? RealtyTrac has crunched the numbers, taking into account the percentage of growth of the millennial population, what percent of income goes to rent, and the average median price of housing — and the answer might surprise you.
Though it's normally cheaper to own versus rent, RealtyTrac found that there are places in the U.S. where renting is actually preferable to owning, using data from 473 U.S. counties. So while this survey doesn't directly acknowledge industry and lifestyle, it concludes that people's quality of life improves by the amount of money they save on rent, because the popularity of these places has increased dramatically over the past few years.
Herewith, the top ten places to live in the U.S. for millennials:
1. Arlington County, VA
2. Alexandria, VA
3. Orleans Parish, LA
4. San Francisco County, CA
5. Denver County, CO
6. Montgomery County, TN
7. Hudson County, NJ
8. New York County, NY
9. Multnomah County, OR
10. Davidson County, TN
What's with the Virginia domination, you ask? Well, the median income spent on rent is 28% (way lower than the national average) in those two areas. Plus, both have also seen a major surge in their millennial populations, with approximately 80% growth from 2007 to 2013.
Since San Francisco and New York City are infamously expensive places to live, it may be surprising that they made the cut. However, the cities' secret weapon is high incomes, which led to soaring millennial growth.
RealtyTrac also found that 20-somethings are moving away from places with smaller populations. Here are the places they're least likely to move to:
1. Monroe County, MI
2. Monroe County, PA
3. Fayette County, FA
4. Citrus County, FL
5. El Dorado County, CA
6. Yavapai County, AZ
7. St. Clair County, MI
8. Livingston County, MI
9. DeKalb County, IL
10. Orange County, NY
It looks like Michigan isn't doing too great a job getting its younger population to stick around.
What do you think of the findings?