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Miami sees 10th biggest increase in millennial residents

by Joe Ward

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Miami has added the tenth-most new millennial residents since 2010 as the city continues to be a top living destination for young people, according to a new report by Time Magazine.

The Magic City has added 9,633 new millennials, or those aged 25-to-34-years old, between 2010 and 2015, according to the study by Time and the Urban Land Institute. That’s a boost of 6.4 percent of its millennial population, just a tenth of a point behind ninth place Boston.

Miami is widely known as a hub for young people, especially because of its nightlife and beach culture, as well as its burgeoning arts scene. In April, Realtor.com ranked Miami as the No. 2 city millennials wanted to live in. While that study just looked at where young people prefer to live, Time counted how many have actually moved to the area.

 

Not just urban areas

Miami is one of the biggest metros in the top 10 of cities with the most added millennial residents. Virginia Beach is No. 1 at 16.4 percent increase in millennial population, while other smaller markets like San Bernardino (No. 3), Memphis (4) and Pittsburg (7) also rank high on the list.

In fact, of the 50 metro areas analyzed, only 11 saw a decline in millennial population from 2010 to 2015, according to Time. On the surface, that fact would seem to justify that millennials are moving to urban markets en masse, but that’s only part of the equation.

There was a 32 percent increase in births between 1978 and 1990, meaning there are much more young people than in previous decades, according to the report. And while it is regularly reported that millennials greatly prefer urban areas to even suburban markets, research shows that 73 percent of young people lived in the suburbs in 2015, according to Time.

 

Will they buy homes?

Millennials may be choosing to live here in droves, but that doesn’t mean they’ll be able to afford housing.

Miami has the highest percent of Millennials stuck at home, with 45 percent of young people still living with their parents. Even though a majority of the Millennials that live at home are employed, the wages are still too low, and rent costs are too high.

According to the Abodo study, Millennials are taking home less than previous generations of young people. And because it is the most educated generation in history (with 60 percent of Millennials having gone to college), the average college graduate is saddled with $30,000 in student loan debt.

Source: Time Magazine

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