Posted on April 13, 2017 - 01:26 PM
Orlando spikes to #3 top city for millennials
Orlando has landed at number three on Realtor.com's 2017 Top Cities for Millennials ranking, topped only by Salt Lake City and Miami.
"High job growth in markets such as Orlando, Seattle, and Miami, and the power of affordability in places like Albany and Buffalo are making these markets magnets for millennials," says Javier Vivas, manager of economic research for Realtor.com®. "But what really stands out is that all these markets already have large numbers of millennials, which translates into strong populations of millennial homebuyers."
The average share of the 25 to 34-year-old population in the U.S. is 13 percent, but in these top markets, the average share is 14 percent. In Orlando, millennials account for 14.6 percent of the total population.
Homes are affordable here and only require 34 percent of income. The unemployment rate is below the national average at 4.4 percent.
Downtown Orlando is becoming a hot area for millennials due to its offerings of easy access to public transportation, shopping, and dining as well as a proximity to many jobs. Thornton Park, located just east of downtown has also become popular among millennials who are looking to live in a unique historic neighborhood with cobbled streets and lined with bungalows.