5 Cities Millennials Are Moving To — Can You Afford To Live There?
Millennials make up the largest share of the workforce at 36%, according to the U.S. Department of Labor (DOL), followed by Gen X (31%), Gen Z (18%), Baby Boomers (15%) and the Silent Generation (1%).
Many millennial households are leaving expensive, crowded metro areas such as New York and Los Angeles for smaller cities that offer a more relaxed lifestyle, remote job opportunities with competitive pay and greater affordability for raising a family with homes that may even include a spacious backyard or outdoor space.
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So, where are millennials moving to and can you afford to live there?
MoneyLion brings you the top five cities attracting millennials based on a SmartAsset study — and we’ve compiled Zillow's most recent home sale data and latest average monthly rental prices to help you decide whether a move to one of these cities makes sense for your budget.
Cambridge, MA
Average home value: $1,031,739
YOY change: down 0.6%
Average rental cost: $3,400
YOY rental market change: up $50
Month-over-month rental change: down $75
Cambridge is home to Harvard University and the Massachusetts Institute of Technology (MIT), two of the most prestigious educational institutions in the country, as well as other colleges. The city is also a global tech hub for 23 tech companies, according to Built in Boston, with job opportunities in robotics, AI and cloud computing technology, among others.
The lowest median Zillow Home Value Index (ZHVI) is in Mid-Cambridge, with an average price of $ 910,918 and the highest is in West Cambridge, where homes average $1,673,679. The lowest rent in the city is $2,550 per month and the highest is $9,033 for a four-bedroom apartment. Renting a house can cost anywhere from $875 to $17,000.
Seattle
Average home value: $833,192
YOY change: down 1.6%
Average rental cost: $2,226
YOY rental market change: down $2
Month-over-month rental change: up $39
Seattle has much lower average sale and rental prices than Cambridge, according to Zillow. Millennials can buy a home in the South Lake Union neighborhood at the lowest price, with a median ZHVI of $493,149. The most expensive neighborhood is in West Queen Anne with a median ZHVI of $1,151,317.
If you’re thinking of renting, apartments average $1,446 per month for a studio to $5,550 per month for a four-bedroom. Renting a house can cost $100 to $999,900 per Zillow.
Sunnyvale, CA
Average home value: $1,994,916
YOY change: up 1.2%
Average rent: $3,822
YOY rental market change: up $427
Month-over-month rental change: up $187
Situated in the heart of Silicon Valley, CA, Sunnyvale has attracted many millennials seeking job opportunities to the country’s technology hub, home to software giants, emerging AI companies and robotics startups. According to available Zillow data, the lowest ZHVI for Sunnyvale is in the East Murphy neighborhood, where homes average $1,419,027 and the highest in Gavello Glen, averaging $2,488,347.
Apartment rentals in Sunnyvale, CA, average $2,211 per month for studios to $5,060 per month for a four-bedroom. Renting a house can cost anywhere from $1,050 to $13,427 a month, according to Zillow.
Orlando, FL
Average home value: $371,120
YOY change: down 1.4%
Average rent: $1,900
YOY rental market change: down $80
Month-over-month rental change: $0
Located in central Florida, Orlando offers millennials year-round sunshine, culture, recreation and a low-cost lifestyle compared to other metropolitan areas. According to Orlando Economic Partnership, Orlando has a robust local job market with opportunities in aerospace, defense, life sciences, healthcare, hospitality and other market sectors.
If you’re looking to buy a home in Orlando, the lowest price, according to Zillow, can be found in the neighborhood of Ventura, where homes average $188,044 and the highest can be found in Crescent Park for $497,725.
If you’re interested in renting, apartments run from $1,400 per month for a studio to $5,258 per month for a four-bedroom. Renting a house costs $550 to $19,464.
Arlington, VA
Average home value: $806,571
YOY change: up 0.8%
Average rent: $2,505
YOY rental market change: down $298
Month-over-month rental change: down $131
Technically not a city, Arlington ranks number five in the study for millennial migration. This D.C. suburb has attracted professionals in this age group due to its three-mile proximity to the District of Columbia and its many employment opportunities.
The median home sale price in Arlington is $793,233, however, cheaper homes can be bought in the neighborhood of Buckingham, averaging $343,479. The most expensive neighborhood is Lyon Village, where home prices average $1,806,219 and many areas fall in the middle, such as Alcova Heights and Arlington Heights.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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