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Boston sees 9th biggest jump in millennial residents

by Emily Johnson, Taylor Johnson Public Rrelations

boston-haymarket-neighborhood-downtown

Boston has added the ninth-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 city has added 15,549 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 nearly double the second-highest total of any city in the top 10, but it only accounts for a 6.5 percent boost in the millennial population, the ninth-highest rate change.

Boston is ninth despite adding over 15,000 residents because much of the top 10 cities adding millennials are smaller areas, meaning a slight increase in the population can send its percentage of millennials soaring. 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.

Source: Time Magazine

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.

For one, Boston is one of the most expensive housing markets in the country, and even well-educated millennials could have troubling finding and affording housing in the city.

Boston has the twelfth highest percentage of Millennials stuck at home, with 35 percent of young people still living with their parents, the study found. This comes despite the Boston area having the most highly educated population of Millennials living at home. Boston has the second-lowest Millennial unemployment rate of the top-12 cities, and has the highest average income of Millennials living at home. But young people in the area are facing the second highest median rent of the top 12 cities, behind only Los Angeles, the study found.

While the city is having no trouble attracting millennial residents, supplying them with affordable housing remains a problem.

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