RentCafe recently singled out the American urban neighborhoods with the greatest percentage of Millennials as residents. This generation makes up 60 percent of submarkets in major cities like Chicago and New York.
The study ranked the zip codes of the 30 largest U.S. cities by the highest increases in Millennial population over a five-year period. Data was taken from the most current U.S. Census population estimates. Not a surprise: downtowns and areas near downtowns were drawing the most Millennials. The study is divided into those locations with the most Millennial growth, and those where Millennials are already moved in and settled at the time of the survey.
The top-trending Millennial draw in the U.S. is zip code 90014, otherwise known as Downtown L.A. (DTLA). In fact, nearby zip code 90013 joins in, making DTLA the top hot spot in the country for attracting Millennials, with an actual spike during a five-year period: 91 percent for 90014 and 60 percent for 90013.
On the East Coast, 10282 (lower Manhattan) is next in line, with Millennial growth of 54.5 percent over the time span of five years. This zip code includes Battery Park City, and is considered the most expensive zip code for renters in the United States. Uptown, 10069 took fifth place, with an increase of 48 percent — Lincoln Square, Manhattan.
Also bursting off the charts in fourth place is Portland, Oregon (97232), in particular Kerns/Laurelhurst. The area experienced a 52 percent increase in Millennial move-ins between 2011 and 2016.
Especially impressive in attracting Millennials is Denver, which has four zip codes in the top 20 fastest-growing list: 80203 scored highest at #6.
Of the 20, the big winners overall include three in Los Angeles, two in New York City, and two in San Francisco.
Other cities featuring the fast-growing population of Millennials include DC’s Southwest Waterfront (20024), Jacksonville, Florida’s Springfield neighborhood (32204), and San Francisco’s Castro neighborhood (94114).
As far as cities with Millennials already there and settled in, two top zip codes may be surprising to some speculators: they’re located in Philadelphia. In fact, 19127 (#2) in the Manayunk neighborhood, claims 71 percent of its residents as Millennials. The other Philly zip code is 19102 (#19), which is considered Center City West. The city’s Kensington neighborhood (19125) is listed as one of the top areas in the country for Millennial population growth over the last five years.
In the Midwest, Chicago’s West Loop in zip code 60661 shows 73 percent of its residents as Millennials. In fact, the zip code with the largest Millennial population in the U.S. is 60657, which covers Lakeview (Wrigley Field) and is within commuting distance to the Loop.
The Real Deal reports that Millennials seem to be increasingly moving west; CNBC ranked LA as the most attractive city for the generation, noting that most newcomers to cities like LA and NYC earn significantly more than locals who are increasingly being priced out of the market.
Click here to read the entire RentCafe survey.
Click here to discover how eCommission can help you fortify your cash flow.