Real Estate

These are the hottest US housing markets for Millennials







Photo: Jeff Cleary/Flickr

The next hottest zip code in California for Millennials isn’t the famous 90210, but LA’s 90014.

The hip LA zip code is currently trending as the top hot-spot in the country for Millennials, with neighboring 90013 taking second place, according to a recent study by the listing site RentCafe.

Unsurprisingly, the study also determined that more Millennials are drawn to downtown areas and urban centers.

LA’s appeal to Millennials is in what it offers — an abundance of entertainment options, parks, restaurants, and a short commute. Part of the attraction was that the rent in the area was considerably more affordable seven  to eight years ago, before it started to see significant increases in Millennials,” real estate writer and author of the report Nadia Balint tells Livabl.

With a 91 percent increase in its Millennial population over a 5-year period, LA’s downtown 90014 zip code is arguably the most gentrified zip code in the country. New construction is booming and the job market is hot — two factors that make the neighborhood attractive to both Millennials and non-Millennials alike.

Adjacent 90013 — Skid Row — has seen a 60 percent increase in its Millennial population share, but only a few blocks in the neighborhood are seeing new construction.

In third place was Manhattan’s 10282 zip code. This Battery Park City zip code recently ranked as the priciest neighborhood for renters, and has seen a 51 percent increase in its Millennial share since 2011.

The Kerns/Laurelhurst (97232) area of Portland, Oregon and Lincoln Square (10069) in Manhattan rounded out the top 5.

Theses results confirm that many Millennials want to live close to downtowns, and to make that possible financially they tend to choose neighborhoods that are up and coming and start out as more affordable, but at the same time are close to city cores,” says Balint.

The Denver, Colorado market had 4 zip codes in the top 20 fastest growing Millennial markets — 80206 (Congress Park), 80209 (Washington Park), 80224 (Virginia Village) and 80237 (Hampden South).

New York City had two zip codes in the top 20, as did San Francisco, California and Philadelphia, Pennsylvania.

Brooklyn’s hipster capital, Williamsburg (11211), proved to have the largest cluster of Millennials of the metros analyzed for the study. Nearly 44,000 Millennials call Williamsburg home.

Nine out of the top 20 zip codes with the largest Millennial population are in New York City, but none are in Manhattan. Millennials chose Brooklyn and Queens over the pricey Big Apple.

However, at the state level, seven of the 10 top zip codes in New York State for Millennial migration were all located in Manhattan. The 11216 zip code in Brooklyn’s Bed-Stuy/Crown Heights area was the only neighborhood in the borough to make the list.

Lakeview in Chicago, Illinois and Corona, Queens were also Millennial strongholds, boasting Millennial populations over 40,000.

To identify the country’s Millennials hot-spots, RentCafe ranked zip codes in the 30 biggest metros by the highest increases in Millennial population over a five-year period, by the largest share of millennials, and by the highest number of total millennials, using the most current census population estimates.

Click here to read the entire report.




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