Jolanta Campionmpio

San Diego has a high population of young people, many of which are migrating to the Southern California submarket. According to a recent report from Cushman & Wakefield, residents under 39 years old account for more than half of the total population.

"Generation Z, ages 0-24, and millennials, ages 25-39, combined account for 56% of the total population countywide, with generation Z accounting for 32% and Millennials accounting for 24% of 3.4 million residents," Jolanta Campion, director of research in San Diego at Cushman & Wakefield, tells GlobeSt.com. "Nationwide, generation Z represents 32%–the same proportion as in San Diego, and Millennials represent 21%—slightly lower compared to 24% in San Diego—which means 52% of the total population of 328.2 million in the U.S. is 39 years old or younger."

Millennials in particular are migrating to the market because of the quality of life, but they are able to migrate to the market because of the strong job growth. Job growth has had a major impact on the market demographics and population growth. "As evidence by these statistics, San Diego is not unique when it comes to generation Z but is an attraction to millennial cohort for two main reasons: quality of life and availability of jobs," says Campion. "These two requirements are among the top two reasons for Millennials when evaluating where to live and work. And with 39 beaches, 266 sunny days on average per year, San Diego offers a very desirable and healthy outdoor lifestyle. In fact, 75% of the population lives within 10 miles of the coast, 13% live within one mile and 76% live within 0.5 miles of a park."