Data Shows Millennials Are Moving Where the Money Is
Monday, November 28, 2016 12:15 AM
NEW YORK—In new report under the research and analysis section of ApartmentList.com
which sought to chart Millennial growth in cities across the U.S. found that many 18 to 34 years olds are moving away from popular metropolitan cities like New York and Los Angeles and settling into metro cities closer to the interior of the country.
The cities with the biggest increases in Millennial population included Charlotte, N.C.; Houston, Texas and Austin, Texas while some of the biggest declines came from Detroit, Atlanta, Miami, Fla. and Phoenix, Ariz.
According to the analysis by Andrew Woo, “Apartment List’s renter surveys consistently show that local career opportunities are one of the most important factors to Millennials, and we had a hunch that strong job markets might explain some of these population trends.”
The data showed that cities such as Houston, Austin and Seattle had significant income growth and therefore an increase in Millennial population. However, cities that saw a decline in Millennial population such as Detroit and Atlanta actually saw a decrease in inflation-adjusted incomes.
For a more in depth look at Millennial population trends, take a look at the full analysis here