Magazine article Mortgage Banking

Millennials Moving to D.C., New Orleans and San Francisco for Jobs

Magazine article Mortgage Banking

Millennials Moving to D.C., New Orleans and San Francisco for Jobs

Article excerpt

Jobs are the magnet determining which housing markets are attracting the most millennials. A new study by RealtyTrac, Irvine, California, based on U.S. census population trends from between 2007 and 2013 found that the top markets attracting millennials were ones with low unemployment and good job prospects. Unfortunately, those same markets also tend to have high rental rates and high home-price appreciation, according to RealtyTrac.

"The top two counties for percentage increase in millennials between 2007 and 2013 were in the D.C. metro area," the company said. They were Arlington County and Alexandria City in Virginia. Both counties have low unemployment rates, at 3.2 percent and 3.6 percent, respectively, RealtyTrac said. Arlington County saw an increase of 82 percent and Alexandria City experienced a millennial population gain of 81 percent during the period studied.

Coming in third for the percentage increase in millennials moving to the market between 2007 and 2013 was the New Orleans metro area. The New Orleans market (Orleans Parish, Louisiana) saw a percentage gain of 71 percent. San Francisco County came in fourth with a 68 percent gain. Denver County came in fifth with a millennial population gain of 57 percent.

RealtyTrac reported other counties in the top 10 were: Montgomery County, Tennessee (+46 percent); Hudson County, New Jersey (+44 percent); New York County, New York (+43 percent); and Multnomah County, Oregon (+41 percent).

The average unemployment rate for the top 10 counties for gains in their millennial population was 5.2 percent, while the median home price was $406,800.

Top counties for losing millennials were Fayette County, Georgia, in the Atlanta metro area, which saw a decline of 31 percent; and Citrus County, Florida (Homosassa Springs metro area), with a decline of 27 percent. Also in the top five for declines were El Dorado County, California (Sacramento metro); the Prescott metro area (Yavapai County, Arizona); and St. …

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