Millennials move where the money and affordable housing are, duh
Hot take: millennials tend to live and work in areas with wage growth and abundant affordable housing. Apartment List has studied the population trends for the 75-million-strong generation over the last decade and can confirm that young people burdened with debt and stagnant wages usually move where the jobs and the money are.
Looking at the 50 largest metropolitan regions in the United States, Philadelphia ranked 32nd for growth between 2005 and 2015. That figure actually reflects a 0.2 percent decrease over the decade alongside a median income increase of 0.2 percent. While the generation's homeownership rate fell 7.4 percent nationally, the rate dropped 7.2 percent in Philadelphia.
Economists studied the relationship between wage and population growth and found that Charlotte, Houston and Austin saw the most growth nationwide. Detroit, Miami and Phoenix saw the biggest decline.
Parse all the findings, including home ownership trends nationwide here.
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