Buy My Home In DC | New Study Shows ‘Best States for Millennials’

New Study Shows ‘Best States for Millennials’

You don’t need academic research to tell you that young people of the Millennial generation are flocking to Washington, DC.  A walk down 14th Street NW in Columbia Heights or Upshur Street NW in Petworth after work hours would tell you that. The bar and restaurant scene is smoking hot and new shops seem to open on a daily basis.  It is great to get some confirming data to back up the intuition that many of us feel.

A new study by WalletHub used “30 key metrics, ranging from share of millennials to millennial unemployment rate to millennial voter-turnout rate” to find out which states are the ‘Best States for Millennials.’

The Top 5 Best States for Millennials are:

  1. Washington, D.C.(also ranks highest in percentage of millennials already living there!)
  2. North Dakota(lowest unemployment rate)
  3. Minnesota(highest millennial homeownership rate)
  4. Massachusetts (highest percentage of millennials with health insurance coverage)
  5. Iowa(ranked #1 in lowest housing cost for millennials)

Below is a map with the rankings for each of the 50 states:

Best States for Millennials

We recently reported on a study that set out to find out “How Much You Need to Make to Buy a Home in Your State,” which may have left you wondering what the average salaries are in each of the five states listed above.

According to WalletHub’s research, the top 5 states with the Highest Average Millennial Salaries are:

  1. Washington, D.C.
  2. New York
  3. Massachusetts
  4. Washington
  5. California

Every day, more and more millennials are aging into the ‘Responsibility Zone,’ the time in their lives when their responsibilities start to dictate their behaviors. For many, this includes getting married, starting a family and buying a home. The top 5 states with the Highest Millennial Homeownership Rate are:

  1. Minnesota
  2. West Virginia
  3. Indiana
  4. Utah
  5. Delaware

Bottom Line

The great influx of millennials to D.C. will have lasting consequences for new families and current residents alike.  Growth in our regional economy and a stimulating lifestyle has attracted thousands of new residents to our city.

Add Amazon’s HQ2 to mix (oddsmakers currently peg the DC region as one of two favorites to land the new mega business campus) and you add gasoline to an already explosive situation. The company’s second headquarters is expected to create 50,000 jobs and generate $5 billion in investment.

If owning a home is next on your list, let’s get together to answer any questions you may have and set you on the path to homeownership! Don’t hesitate to call on us at 202-717-2276.

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Source: KCM Blog Jennell Alexander

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