Where do Millennials want to live? According to a report from RentCafé using U.S. Census Bureau data, Millennials are still showing a strong preference for big city, urban ZIP codes in walkable, vibrant parts of town.
The hottest 10 ZIP codes for Millennials are as follows:
1. 90014-Downtown Los Angeles
2. 90013-Downtown Los Angeles/Skid Row
3. 10282- Battery Park City, Manhattan
4. 97232-Kerns/ Laurelhurst, Portland
5. 10069-Lincoln Square, Manhattan
6. 32204-Springfield, Jacksonville, Florida
7. 90048-Mid-Wilshire, Los Angeles
8. 19125-Kensington, Philadelphia
9. 94114-Castro, San Francisco
10. 20024-Southwest Waterfront, Washington D.C.
Millennial populations in 90014 and 90013 spiked 91% and 60%, respectively, over a five-year period according to RentCafé’s analysis. This area in Los Angeles has undergone heavy gentrification and though Skid Row hasn’t fully gentrified, it is on its way.
Battery Park City posted a 54.5% increase in Millennial population over the last five years; Kerns/Laurelhurst increased by 51.8% over the same time period; Lincoln Square increased by 47.7%; Springfield increased by 45.3%; Mid-Wilshire increased by 38.9%; Kensington posted a 37.4% increase as did Castro; and finally, D.C.’s Southwest Waterfront Millennial population leapt up 37.2% over the last five years.
The top 10 ZIP codes by percentage of the population in the Millennial age group:
1. 60661-West Loop, Chicago
2. 19127-Manayunk, Philadelphia
3. 10005-Financial District, Manhattan
4. 02113-North End, Boston
5. 20036-Dupont Circle, Washington, D.C.
6. 80203-Capitol Hill, Denver
7. 10006-Financial District, Manhattan
8. 75201-Arts District, Dallas
9. 10018-Garment District, Manhattan
10. 94158-Mission Bay, San Francisco
Of all the people living in Chicago’s West Loop, a whopping 73% of them are Millennials. This part of Chicago is teeming with new apartment developments ready and waiting to soak up all the Millennial demand for urban core product, and the area is enjoying attention from large companies who want to be near such a hotbed of talent.
On the other side of the spectrum in terms of physical makeup, Philadelphia’s Manayunk neighborhood, has almost as high of a Millennial population as the West Loop (71%), but instead operating as a big business neighborhood, Manayunk is a hip, small business hub, lively but not bursting at the seams.
Moving down the list, Millennials make up 71% of the population Manhattan’s Financial District (10005); 70% of the North End in Boston; 69% of the population in Dupont Circle, Washington D.C.; 66% of Denver’s Capitol Hill; 66% of Manhattan’s other Financial District zip code (10006); 65% of Dallas’ Arts District; 64% of Manhattan’s Garment District; and 63% of Mission Bay in San Francisco.
Looking at these lists, the clear common factors that surface among Millennial hotspots are: things to do, ample job opportunities, and strong neighborhood identities.