GlobeSt.com: What's attracting Millennials to San Diego?

Ashton: Millennials and San Diego go together like peanut butter and jelly since the city has endless amount of activities Millennials enjoy doing. The long list includes world-class beaches, great hiking trails, Comic Con, top universities, more than 150 craft breweries, a surge of new restaurants and a smorgasbord of neighborhoods with their own subcultures. Downtown has been somewhat of a national success story with its live/work/play environment.

GlobeSt.com: What does the region have to offer Millennials that other regions may lack?

Ashton: San Diego is a hotbed for biotech, defense, and engineering companies. Since the recession, scientific and technical employment has grown 15% and is expected to grow more with STEM degrees becoming more desirable. UC San Diego just received more than 116,000 total applications for the Fall 2018 term, second only to UCLA for the University of California schools, proving that San Diego is a desirable city for young people.

GlobeSt.com: How are Millennials getting around the high cost of living in this market?

Ashton: There is a misconception of the country's largest generation that Millennials prefer to live in urban areas. However, we are starting to see a trend of young working professionals moving to the suburbs, buying or renting more affordable arrangements. Compared to other California markets, San Diego is a relatively cheaper alternative with a high standard of living. For example, apartment rents and housing cost are the lowest compared to San Francisco, Silicon Valley and Los Angeles. Other California cities apartment rents range from $2,500 to $2,800, while San Diego average is at $1,900 a month.

GlobeSt.com: How likely are Millennials to stay in this market for the long term?

Ashton: The Millennial generation is here to stay, and it will most likely increase over the next few years. Companies are expanding and entering the market for the high talent pool and, most of all, affordability. Office rents for the Bay Area range from $47 to $58 a month per square foot, while San Diego average office cost is at 32% to 45% less at $32 a month per square foot. Essentially, more companies growing means more jobs for young working professionals.

The only dilemma is that housing is already an issue in San Diego from its regional constraints. There may be a silver lining with this housing dilemma since Millennials tend to desire higher-density areas. It is expected that developers will begin building higher-density suburb communities to accommodate Millennials.