Did you know that according to the National Association of Realtors, the average age of a first-time home buyer is 32-years-old?
This means that if you are a rental property investor who wants to maximize the demand of your rental properties, you should focus on markets where the demographic below the age of 32-years-old (i.e., Millennials) is large and growing. For many reasons like higher student debt, starting families later, and the higher likelihood of moving, Millennials prefer renting to owning.
Here are the top 8 cities where more Millennials (ages of 20 and 34) are moving in than moving out, as well as the city’s total population, and the median rent price according to Census.gov.
8. Denver, Colorado
Denver.org
Number of people ages 20 to 34 moved in: 40,647
Number of people ages 20 to 34 moved out: 35,541
Net migration: +5,106
Total population: 704,621
Median rent: $2,195
7. San Jose, California
City of San Jose
Number of people ages 20 to 34 moved in: 19,943
Number of people ages 20 to 34 moved out: 14,447
Net migration: +5,496
Total population: 1,035,317
Median rent: $3,390
6. Newport News, Virginia
Wikipedia
Number of people ages 20 to 34 moved in: 11,664
Number of people ages 20 to 34 moved out: 5,997
Net migration: +5,667
Total population: 179,388
Median rent: $1,200
5. Jacksonville, Florida
TripSavvy
Number of people ages 20 to 34 moved in: 23,327
Number of people ages 20 to 34 moved out: 16,973
Net migration: +6,354
Total population: 892,062
Median rent: $1,199
4. Minneapolis, Minnesota
Livability
Number of people ages 20 to 34 moved in: 21,758
Number of people ages 20 to 34 moved out: 15,229
Net migration: +6,529
Total population: 422,331
Median rent: $1,795
3. Sacramento, California
The Crazy Tourist
Number of people ages 20 to 34 moved in: 16,181
Number of people ages 20 to 34 moved out: 9,501
Net migration: +6,680
Total population: 501,901
Median rent: $1,695
2. Columbia, South Carolina
21 Oaks
Number of people ages 20 to 34 moved in: 13,352
Number of people ages 20 to 34 moved out: 6,415
Net migration: +6,937
Total population: 133,114
Median rent: $1,155
1. Seattle, Washington
Bekins
Number of people ages 20 to 34 moved in: 29,628
Number of people ages 20 to 34 moved out: 22,326
Net migration: +7,302
Total population: 724,745
Median rent: $2,700
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Disclaimer: The views and opinions expressed in this blog post are provided for informational purposes only, and should not be construed as an offer to buy or sell any securities or to make or consider any investment or course of action.