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When Jessica Dentino was deciding where to go for grad school after working for the University of Illinois at Urbana-Champaign, she decided to move to Austin, Texas.
“Austin has been an amazing place to live as a millennial,” Dentino, 25, tells The Post. While she had considered glitzy metropolises like Los Angeles, New York and San Francisco, she ultimately settled on the Lone Star State because of its cheaper standard of living.
“The culinary scene [here] is incredible and affordable,” she says. “And huge once-in-a-lifetime events for some people, like SXSW and Austin City Limits, are basically city holidays.”
Dentino is not the only millennial who’s passing up “coastal elite” cities that are known for their young populations, according to a new survey by rental-hunting Web site Apartment List.
The company recently combed through US census data between 2005 and 2015 and found that cities on the interior had the highest increases in population for people between 18 and 34. At the top of the list? Charlotte, NC, which saw a 30 percent spike, followed by Houston and Austin (15 percent each).
“There’s a lot of attractive things for renters about these places,” Andrew Woo, data scientist at Apartment List, tells The Post. “These cities have a lot of access to recreation amenities, and they’re a little bit more affordable than coastal cities.”
For example, Woo says that the average one-bedroom apartment in Charlotte is $1,070 per month, and for Austin it’s $1,180. Meanwhile, a one-bedroom in NYC will set you back $3,300.
Furthermore, most of these cities also enjoy a robust job market.
“But NYC and San Francisco still have the largest population of young people in absolute terms, and lots of millennials are still moving there,” Woo says. “But on a relative basis, they’re losing share to these other cities.”
The post Millennials Can’t Afford to Be Coastal Elites appeared first on Real Estate News and Advice - realtor.com.
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