In the last ten years, Los Angeles has lost more than seven percent of our Millennial residents, according to new research. Historically, this town might have a reputation as a beacon for youth and dreams—but, apparently, our high cost of living and slow rate of job growth are putting a dent in that.
The study by Apartment List took a look at census data from 2005 to 2015. In doing so, they found that, while our West Coast neighbor cities like Seattle, San Francisco and San Jose continue to scoop up more and more 18 to 35-year-old residents, Los Angeles’ youth population declined.
When it comes to settling down and buying houses, Los Angeles has almost ten percent fewer home-buyers in the under-35 range than the national average. Probably not a super huge surprise given local trends that have even affluent Angelenos opting to rent rather than buy.
If you want to put some cash into a real estate investment, their data suggests that Charlotte, North Carolina or pretty much anywhere in Texas are the growth spots of the moment where Millennials will be flocking next. They are heading to those places in search of growing local economies offering high-paying jobs.
On the other hand, maybe it makes perfect sense that Los Angeles doesn’t need to attract new young people. After all, what city puts more effort into offering aging residents ways to stay (or at least look) young than here?
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