Top Markets for Millennials

A new study from RENTCafé backs the longstanding impression that Generation Y is drawn to urban settings, particularly downtowns and the surrounding areas.

by Nadia Balint

As the housing industry is keeping a close eye on the Millennial generation and where they like to live, a new study from RENTCafé comes to support some longstanding claims that Millennials have a preference for urban settings, and particularly downtowns and areas surrounding them.

Ranking U.S. zip codes by their share of Millennial population in the largest 30 cities, RENTCafé uncovered that 90 percent of the top 20 urban areas with the highest concentration of Gen Y residents are downtowns and near downtowns.

Chicago zip code 60661 covering the West Loop, part of Chicago’s business district, has the largest share of Millennials in the country, 73 percent of its residents. Additionally, the Windy City has tqo other zip codes that are packed with Millennials, with concentrations of 61 percent and 60 percent, respectively: zip code 60654 in Chicago’s River North neighborhood has become a well-developed and trendy downtown residential area, and popular Goose Island, part of zip code 60642, located close to downtown.

The most popular Gen Y neighborhoods In Manhattan are the Financial District, with zip codes 10005, which is 71 percent Millennial and zip code 10006 with 66 percent of its population Millennial-aged, as well as the Garment District part of zip code 10018, which is 64 percent Millennial. Denver’s Capitol Hill, Oklahoma City’s Business District, downtown Columbus, Ohio and downtown Dallas are also among the nation’s top Millennial hot-spots.