Millennials are quickly migrating to Charlotte, NC as trends show that it's a top choice. The local symposium displays the pattern of young adults making their way to Charlotte for a variety of reasons.
New data from West Coast-based Apartment List supports the findings, with data showing that Charlotte has become a millennial hub. The apartment-rental site gathered and analyzed information from the U.S. census from 2005-2015, which looked at the 50 largest metro areas to find out where young Americans between the ages of 18 and 34 were deciding to live.
Charlotte, NC landed in the No.1 spot, with hardly any competition.
Within the 10-year stretch, the number of young-adults in Charlotte grew by 30%. Other cities that trailed behind Charlotte included Houston with an increase of 15% and Austin with an increase of 20%.
Decreases of young-adults were seen in Detroit, California, Los Angeles and Phoenix all with at least a 6% loss on average.
Increases in wage and population growth have generally gone hand in hand, and while Charlotte did experience a 4% drop in the median income, they were still able to entice the millennial to make the move. Recent wages, however, are shown to be strengthening locally.
Charlotte showed an increase in homeownership of about 45% for homeowners between the ages of 18 and 34 between 2005 and 2015. The national average was less, sitting at an average of 32%, decreasing by seven percentage points. Apartment List has explained that millennials may be setting their roots in Charlotte, NC where it's affordable, in comparison to other metros.
Atlanta experienced the largest decrease in millennial homeownership, going from 44% in 2005 to just 29.9% in 2015. This may be a result of the 8% decrease in inflation-adjusted incomes.
Studies point to millennial favoring locations that are walkable, with accessibility to amenities and recreation close-by. More of these young generations are moving toward metro areas in the interior portion of U.S.
Apartment List further stated that factors like good jobs and strong wage growth will be important reasons for millennials when deciding where to set down roots.
Although research shows this trend in relocation of the younger generation, the city offers something for every age group - including from millennials to baby boomers.
If you're thinking about moving to Charlotte, Showcase Realty would love to assist you with finding your dream home! Call us today at 704.997.3794 or send us a message here!