The oft maligned millennial’s get a bad reputation. However, they now comprise the largest generation currently in the workforce. Some of them are homeowners, though many are choosing to rent instead. If you’re one of several millennial renters looking for a new home, try these cities.
The term “millennial” use to be synonymous with “young person.” However, the oldest millennials are now well into their 30’s, and depending on which measurement you use, some are even close to 40.
Home ownership rates have been on the decline since the financial crisis of 2008. However, some of that is coming back.
The recovery has been slow. And while millennial home ownership is helping to drive the real estate market, there are plenty of millennial renters out there as well. Renting is seen as a viable alternative these days; especially since workplace mobility is higher than it’s ever been.
To that end, RentCafe used US Census data to determine where millennial renters are calling home these days. Here are the results.
Top Zip Codes for Millennial Renters
- 60661 in the West Loop in Chicago, where 73% of residents are millennials
- 19127 in Philadelphia’s Manayunk neighborhood (71%)
- 10005 in Manhattan’s Financial District (71%)
- 02113 in Boston’s North End (70%)
- 20036 in the Washington, D.C.’s Dupont Circle, (69%)
Location, Location, Location
It should come as no surprise that the generation which entered the workforce in the age of technology are flocking to America’s largest cities. Manhattan, Boston, DC, etc. However, not all locations are created equally.
Cost of living varies, even among America’s most expensive cities. What’s expensive in D.C. may not stack up to San Francisco. New York and Boston? There’s a big sports rivalry in these cities but when it comes to cost of living, there’s no contest.
Boston is pricey, but it’s no match for NYC in the cost of living game. Millennial renters would therefore be wise to head to Boston for an easier go of it.
Using City vs City, you can compare costs just like above between any two zip codes. Our cost of living calculator will compare common expenses such as housing, transportation, state and local taxes, and more.
If you’re thinking of moving, don’t make a move without downloading City vs City first!