8 Markets With The Most Millennial Migration

Did you know that according to the National Association of Realtors, the average age of a first-time home buyer is 32-years-old?

This means that if you are a rental property investor who wants to maximize the demand of your rental properties, you should focus on markets where the demographic below the age of 32-years-old (i.e., Millennials) is large and growing. For many reasons like higher student debt, starting families later, and the higher likelihood of moving, Millennials prefer renting to owning.

Here are the top 8 cities where more Millennials (ages of 20 and 34) are moving in than moving out, as well as the city’s total population, and the median rent price according to Census.gov.

 

8. Denver, Colorado

Denver.org

Number of people ages 20 to 34 moved in: 40,647

Number of people ages 20 to 34 moved out: 35,541

Net migration: +5,106

Total population: 704,621

Median rent: $2,195

 

7. San Jose, California

City of San Jose

Number of people ages 20 to 34 moved in: 19,943

Number of people ages 20 to 34 moved out: 14,447

Net migration: +5,496

Total population: 1,035,317

Median rent: $3,390

 

6. Newport News, Virginia

Wikipedia

Number of people ages 20 to 34 moved in: 11,664

Number of people ages 20 to 34 moved out: 5,997

Net migration: +5,667

Total population: 179,388

Median rent: $1,200

 

5. Jacksonville, Florida

TripSavvy

Number of people ages 20 to 34 moved in: 23,327

Number of people ages 20 to 34 moved out: 16,973

Net migration: +6,354

Total population: 892,062

Median rent: $1,199

 

4. Minneapolis, Minnesota

Livability

Number of people ages 20 to 34 moved in: 21,758

Number of people ages 20 to 34 moved out: 15,229

Net migration: +6,529

Total population: 422,331

Median rent: $1,795

 

3. Sacramento, California

The Crazy Tourist

Number of people ages 20 to 34 moved in: 16,181

Number of people ages 20 to 34 moved out: 9,501

Net migration: +6,680

Total population: 501,901

Median rent: $1,695

 

2. Columbia, South Carolina

21 Oaks

Number of people ages 20 to 34 moved in: 13,352

Number of people ages 20 to 34 moved out: 6,415

Net migration: +6,937

Total population: 133,114

Median rent: $1,155

 

1. Seattle, Washington

Bekins

Number of people ages 20 to 34 moved in: 29,628

Number of people ages 20 to 34 moved out: 22,326

Net migration: +7,302

Total population: 724,745

Median rent: $2,700

 

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