IRVINE, CA—RealtyTrac has analyzed US Census population data between 2007 and 2013 in more than 1,800 counties nationwide to discover which markets are seeing the biggest shifts in both baby boomer and millennial populations. The firm has overlaid that data with information on median prices, price appreciation and rental rates to create a heat map of their migration patterns. The analysis further focused in on the top 10 counties for increases and decreases in both millennials and baby boomers.
“The millennial generation is the key to a sustained real estate recovery and boomers who are downsizing are helping open the door for many first time homebuyers while also driving demand for purchases and rentals in the markets where they are moving,” said Daren Blomquist, vice president of RealtyTrac. “Naturally, millennials are attracted to markets with good job prospects and low unemployment but that tend to have high rental rates and high home price appreciation, while boomers are moving to lower populated areas which have slower home price appreciation.”
The millennial generation is generally moving from lower-priced to higher-priced markets for both buying and renting, with the tradeoff being more jobs (lower unemployment) and higher median incomes in the markets they are moving to. The top two counties for percentage increase in millennials between 2007 and 2013 were in the DC metro area — Arlington County, VA, which saw an increase of millennials of 82% and Alexandria City, VA, which saw and increase of 81% . Not surprisingly both counties have a favorable unemployment rate of 3.2% and 3.6% respectively, well below the national average. Orleans Parish, LA, in the New Orleans metro area, was third, with an increase of 71% and San Francisco County, where high home appreciation hasn't scared away millennials, was fourth on the list with an increase of 68%. Rounding out the top five was Denver County, CO, which saw an increase of 57% in its millennial population between 2007 and 2013.
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