Millennials are closely followed by real estate professionals. We’re not talking about social media, we’re talking migration.
The Millennials are officially the largest generation in the U.S., and they’re also the most diverse generation in American history. Unlike Baby Boomers (the next largest living generation) the number of Millennials who are entering the housing market is growing by the day.
Knowing how to market to Millennials is becoming increasingly more important as they move out of their parents’ basements and into homes of their own. Knowing where Millennials are moving can also give agents an edge in cities that are attracting young buyers.
More Millennials Are Migrating to These Cities - Watch Out Texas!
The Brookings Institute Metropolitan Policy Program conducted a massive research project to delve into the demographic makeup of Millennials . During their research they uncovered where Millennials are most likely to live and where they’re moving.
Across the nation, the Millennial population grew by 4.7% between 2010 and 2015. But some metros saw much more Millennial movement than others. Factors like affordability, job prospects and cool factor heavily influenced Millennial migration.
Cities With Highest Increase in Millennial Population From 2010-2015
The 10 cities that saw the biggest increase in the Millennial population from 2010-2015 are:
- Colorado Springs (14.70%)
- San Antonio (14.40%)
- Denver (12.80%)
- Orlando (12.70%)
- Honolulu 12.20%
- Austin (11.80%)
- Cape Coral (11.70%)
- Houston (11.70%)
- Sarasota (11.10%)
- Seattle (10.80%)
If you’re a real estate agent in one of these cities it’s a good sign for the future. Many economic analysts believe cities with a strong Millennial presence are poised for growth in the future.
Cities With Smallest Increase in Millennial Population From 2010-2015
The news wasn’t so good for the Northeast and Midwest. Those regions have had extremely slow Millennial population growth overall. And in Birmingham, AL there was actually a net loss of -0.60% between 2010 and 2015.
Cities With the Largest Population Percentage of Millennials From 2010-2015
Currently, the metros with the highest percentage of Millennials are all over the country. The top three are Provo-Orem, Utah (30.40%), Austin (27.20%) and San Diego (27%). The numbers are very good news for Austin, which has been attracting Millennials for years and is still on their radar.