Defined as those between the ages of 18 to 34, from 2005-2015 Austin’s millennial population increased by 16.4 percent, making it number three on the list of the top 50 biggest metros in the U.S.
Number one on the list was Charlotte, North Carolina whose millennial population grew 30.7 percent over that span, followed by Houston, whose millennial population grew by 17.4 percent. Dallas-Fort Worth saw just a 6.7 percent increase in their population of millennials and San Antonio’s was 5.8 percent.
Millennials are drawn to these cities by an abundance of good jobs and increased wages. Austin’s median income increased by 9.7 percent, one of the many factors that make it a great draw for young entrepreneurs. Elsewhere in Texas, Houston’s median income went up by 8.4 percent, San Antonio’s increased by 4.9 percent and Dallas Fort Worth’s went up by 2.1 percent.
However, millennials are more likely to rent, with homeownership rates going down even as the median income increases. In Austin, the percentage of millennials owning homes went down by 6.5 percent, which tracks with the 7 percent decline across the country. San Antonio’s millennials decreased their home ownership rates by 9.2 percent, Dallas-Fort Worth went down by 7.6 percent and Houston’s was 5.6 percent. In Austin, most millennials have to save for ten years to afford a home.
Austin apartment communities recognize the city is a hot destination for the younger set and are offering unique amenities to compete for their attention. 34% of millennials own pets and so apartments are increasingly catering to our furry companions with pet-friendly perks like pet parks and dog washing stations.
In general, millennials tend to drive less, use more public transportation, and ride their bike more than older generations. To keep their millennial renters happy, many communities have covered, secure bike storage and even places where you can repair your bike. Also, many apartment communities are located on bus and rail lines and are mixed use developments so you can get things like groceries or a good meal without leaving the complex.
64% of millennials are single and apartment communities are catering to this with social calendars for residents and common areas where neighbors can meet and have fun. Apartments are also providing more studio and one bedroom floorplans that make it easy for singles to live without roommates.
No matter what your age, Apartment Experts South can help you find the apartment of your dreams. Give us a call today at 512-416-8100 to look at all the amazing apartments in Austin in one free appointment!