St. Louis Named One of Top Cities for Millennial Population Growth
St. Louis, MO, July 11, 2017 (Newswire.com) - Millennials just outpaced Baby Boomers as the largest generation in the United States. Now our nation’s largest generation, the patterns, and behaviors of Millennials have a significant impact on the economy and industry of cities like St. Louis.
Millennials continue to surprise as they behave differently than all the generations before them. They are overwhelmingly moving to city centers instead of the suburbs that attracted prior generations.
Nationally, the core cities of the 33 largest metro areas added 1.52 educated Millennials for every one added to their surrounding suburbs. In all, core cities in 27 of 33 metro areas performed better than suburban areas in this regard.
Forbes.com
“Nationally, the core cities of the 33 largest metro areas added 1.52 educated Millennials for every Millennial added to their surrounding suburbs. In all, core cities in 27 of 33 metro areas performed better than suburban areas in this regard.” – Forbes.com
Cities like St. Louis and Dallas, Texas are working hard to attract this fickle group of residents, and they are winning! St. Louis, Missouri was recently named one of the top cities for educated millennial population growth.
Interestingly enough, the population of the St. Louis, Missouri metro area over a five-year period from 2010 to 2015 showed a slight decline. On a list of the top 33 growing cities, St. Louis came in at #30 with -1.13% growth in the metro area and -1.11% outside of the city center in the suburbs.
However, the number of educated Millennials moving to St. Louis tells a very different story. The educated millennial population of St. Louis grew 33.69% in the metro area and only 3.97% in the suburban areas from 2010-2015.
St. Louis is undergoing a generational shift. As more Millennials move into the city and the older generations move out, there is growing opportunity for real estate investments. Millennials will eventually become the largest home buying group in the country. And with 40% of Millennials currently saving for a down payment, their buying power will be a boon to the market!
To learn more about the growing real estate market in St. Louis and the impact of Millennials, visit www.areiusa.com to download our latest market report.
Source: American Real Estate Investments