Ten Cities That Are Magnets for Millennials
Las Vegas is among the U.S. cities with the fastest-growing millennial populations
June 2, 2015 — 9:16 AM PDT
The millennial population of the Riverside, Calif., metropolitan area increased by 39 percent from 2010 to 2013, according to data compiled by Bloomberg, making the southern California metro the fastest-growing for Americans aged 20 to 34.
If Riverside doesn’t strike you as a likely landing spot for millennials, it has that in common with the other California cities on the Bloomberg list—none of which have the hipster cachet of a Brooklyn or a San Francisco. What the cities below do have, for the most part, is a cheaper cost of living.
One irony: The very landlords collecting astronomical rents in bigger cities are also looking for a way off the hamster wheel. Increasingly, they’re being scared away from first-tier cities by skyrocketing real estate prices and diminishing returns.
“The reason investors are in secondary markets today is because cap rates in the major markets are so low,” said Nancy Lashine, managing partner at Park Madison Partners, in an interview with Bloomberg Brief. “There is another critical factor for investors: Who will be living there, and what are the long-term prospects? Millennials want to live, work, and play in an urban area. Austin, Tex., Salt Lake City, Dallas, Denver, and San Diego—these are all cities where there is a very high concentration of millennials. You are seeing multi-family developers buying land.”