The Dallas Arts District is a typical example of a Millennial-favorite neighborhood.
DALLAS—Are Millennials more likely to live in and around downtowns or outer neighborhoods? RENTCafe crunched the most recent US Census population estimates and ranked ZIP codes in the 30 biggest US cities by different criteria to identify where Millennials live and the next Millennial hotspots.
As expected, downtowns and areas near downtowns are clear favorites for Millennials living in big cities.
Downtown Los Angeles is the top-trending US Millennial hotspot when looking at the highest increases in Millennial share, with a whopping 91% surge in the number of Millennials between 2011 and 2016. Austin is the only Texas city to make this list, with 34% growth during the same period.
The US ZIP code with the largest Millennial population is Brooklyn, NY, home to almost 44,000 Millennials. The only Texas city to make this list is El Paso, with a Millennial population of 33,300.
Chicago's West Loop boasts the largest share of Millennials in the country, with 73% of its residents belonging to this age group. Philadelphia's Manayunk and Manhattan's Financial District both have 71% of its residents of the Millennial variety. Downtown ZIP codes in Boston, the District of Columbia, Denver and New York take the next four spots of top Millennial-laden ZIP codes in the nation, GlobeSt.com leans.
However, the Arts District in Dallas takes the eighth spot with a share of 65%, while Houston's Astrodome, Dallas' downtown and Austin's Hyde Park also make an appearance in the top 20 with a Millennial share of more than 60%. According to the most recent Census estimates, another Dallas ZIP code made it in the top 20 with the largest share of Gen Y residents: downtown Dallas ZIP 75202 with 61% of its population belonging to this generation.
“One of the largest art districts in the nation, the Dallas Arts District resembles the typical profile of Millennial-favorite neighborhoods: a walkable downtown area packed with restaurants, entertainment, culture and nonstop activity,” RENTCafe's Nadia Balint tells GlobeSt.com. “While a district of world-class art institutions, high-end restaurants and million-dollar condominiums, the Dallas Arts District is not exactly affordable to live in.”
The average rent in the Arts District is $2,050 per month, according to RENTCafe, making it one of the most expensive ZIP codes in the Southwest region. However, this doesn't seem to prevent high-priced neighborhoods from attracting a generation that is willing to spend a little extra and rent rather than own in order to have immediate access to more experiences, social events and proximity to work.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
