our blog

 

Ms. Independent: Top 10 Cities Where Millennials Live Alone

by | Mar 21, 2020 | Real Estate

The land of the free and the home(s) of the solo millennial.

Kelley Libby lives in an apartment with a view of the Richmond, VA skyline from her balcony. She rides her bike downtown regularly for dinner and a show, or sometimes to take a cool dip in the river.

A top-of-the-millennial-pile 34 years old, she is among the 15 percent of millennials who live alone in Richmond, the metro area where a greater share of millennials live solo than anywhere else in the country. Others in the top 10 are Pittsburgh; Buffalo; Columbus, OH; Virginia Beach; Cleveland; New Orleans; Austin; Kansas City and Oklahoma City.

Millennials-Blog

“With home prices and rents rising as fast as they are, it’s a common assumption that young adults in many cases cannot afford to live alone,” said Zillow Chief Economist Svenja Gudell. “Though that may be true in some markets, there’s still a large number of amazing places across the U.S. that are prime for millennials to thrive independently. These are places where young adults can easily find jobs at a competitive salary, and where housing expenses won’t eat up the majority of their income, enabling them to save more.”

Low rents help

Rents are relatively easy on the budget in many of the metros where millennials live alone. In Richmond, people of all ages typically spend 26 percent of their incomes on rent, compared to 30 percent nationally, according to Zillow Research. In a place where millennials living solo make a healthy $49,500 a year (median) and employment is up 3.6 percent since a year ago, that makes for an attractive package.

“It’s a good place for young, single people, because there’s lots to do as far as cultural activities and outdoor stuff,” said Libby, who’s a public media producer working on a national project called Finding America. She pays $960 a month for her 1-bedroom, which is in a new apartment complex and has that sweet balcony.

It’s also a great place to settle down, and many of her friends are snapping up real estate. “I have so much more of a chance to buy a place here than I would in big, popular cities,” she said.

She lived for several years in nearby Charlottesville, where “I couldn’t dream of buying a house.” The median home value there is $232,700, well above Richmond’s $193,200, according to Zillow data.

‘I don’t need 100 channels on cable’

With 21 percent of millennials still living with their mothers, and 32 percent of all working-age adults living with someone else, it can be a big deal when millennials step out on their own.

Often they do it in places where rents are more affordable — areas like Pittsburgh, Kansas City and Oklahoma City, where rents take up around 25 percent of people’s incomes. They also go solo in metros like Virginia Beach where they can afford to buy homes, and places like Austin with strong employment growth.

Malory Berschet has lived on her own in Columbus for a year, following stints with her parents and with a college roommate. She enjoys it, but she’s had to cut back to make her $1,125 monthly rent.

“My biggest thing was spending money like I was made of money,” said Berschet, who’s 25. “I would eat out all the time or buy lunch rather than pack it. And I don’t need 100 channels on cable.”

Millennials living alone make $38,800 a year (median) in Columbus, where people spend 26 percent of their incomes on rent.

Berschet knows coworkers at Cardinal Health, where she’s a market manager, who save money by living in Dublin, the suburb where the company is headquartered. They pay less in rent and have better commutes, Berschet said, but “they’re a good 20 minutes from downtown.” She likes being close in, where she can easily walk or Uber to visit friends and eat out.

Less solo-friendly cities

At the other end of the spectrum, she has a friend who’s moving to San Francisco and said the rent is $3,500 for an apartment smaller than Berschet’s 1-bedroom — which makes her place seem like a steal.

Only 9.4 percent of millennials live alone in the San Francisco area. It’s not the smallest share of independent millennials in the country — that’s Riverside, CA, with 6.1 percent. They make good money — $66,000 for millennials living alone in San Francisco and $72,000 in Riverside (medians) — but people who live in those places spend 46 percent and 36 percent of their incomes, respectively, on rent.

Prices like that can make roommates — and even Mom’s basement — look mighty appealing.

Related:

Powered by WPeMatico

MICKI ESPOSITO

MICKI ESPOSITO

BROKER

An accomplished real estate professional with a distinguished track record of success.  She has spent over 17 years in Atlanta representing buyers and sellers of $1M+ properties and is a tremendous negotiator.  Micki has a unique knack for forming close and authentic relationships with her clients; she steps beyond the real estate transaction and provide them with after care.  Micki has unparalleled marketplace knowledge and thrives on being resourceful; she studies and follows the data beyond the average agent.

WE CAN HELP YOU.

DON’T DELAY. NOW IS THE PERFECT TIME TO MAKE A MOVE.

Set up a FREE consultation with me today. I’ll be sure to make your real estate experience as unique, simple, and satisfying as I can.

Momentous-Staging
HOMEOWNERS GUIDE TO SELLING IT FAST 30-DAY PLAN
CSRA Market Update | Augusta Metro Real Estate Conditions | Augusta Realtor Micki Esposito

It’s All About Supply and Demand | HOME PRICES

As we enter the summer months and work through the challenges associated with the current health crisis, many are wondering what impact the economic slowdown will have on home prices. Looking at the big picture, supply and demand will give us the clearest idea of...

HOUSE OF THE DAY 😊

  Welcome to 215 Hornsby Lane located in the luxurious River Island neighborhood. This stunning move-in ready home is nestled in the charming cottage section of River Island, offering a lifestyle that combines modern luxury with timeless appeal. With a listing...

Real Estate Market Trends?

The Changing Real Estate Market: Remote Work and Technology The real estate industry is constantly evolving, my friend. Trends and factors shape how buyers, sellers, and agents navigate the market. Today, I want to discuss the latest market trends that are shaping the...

17 Hobbies Just Right to Become Money-Making Side Hustles

If you’re looking to make some extra money, side gigs like babysitting and Uber are great options, but they aren’t the only ones. Whether the pandemic quarantine ignited a love of baking or the excitement of shopping in stores again hasn’t worn off, you can find ways...

How To Sell Your Home With Better Listing Photos

Did you know that over 90 percent of buyers start their home search online, and most first impressions are made from online photos? If you want to make sure that people are interested in buying your home, you need to make sure that the impression it makes is a good...

6 Ways to Overcome the Emotions of Selling a Home

Selling your home can stir up a range of emotions you may not have expected. While you may feel excited about the opportunity to move into a new house, you may also experience feelings of sadness or loss as you prepare to sell your home. Use these tips to help...

5 SIMPLE WAYS TO ADD INSTANT CURB APPEAL.

            Don’t lose potential buyers due to any flaws or unsightliness on the exterior of your home. Use the tips below to wow people at the curb and get them in the door! The best part is, you don’t have to spend a fortune or break...

What does it mean to you: the Future of Home Price Appreciation?

Many consumers are wondering what will happen with home values over the next few years. Some are concerned that the recent run-up in home prices will lead to a situation similar to the housing crash 15 years ago. However, experts say the market is totally different...

WHAT OUR CLIENTS ARE SAYING.

"The Best of the Best"

“Best of the best! If you are looking for a personal, boutique-style home purchasing experience, I highly recommend Momentous Realty. Micki Esposito was fantastic! We discussed what I was looking for in a home in detail, and that same day, she emailed me a short list of properties tailored to what I asked for. I felt like she truly listened. No generic emails with 50 listings of houses you have to weed through yourself. She weeded through the fluff and was able to focus the search on homes I would actually consider. As a result, my home search actually went much quicker than I anticipated. Micki was there from the beginning and even after the closing. She was not only my realtor, she was an advisor and my advocate behind the scenes. I believe that because of all her hard work, the entire process was efficient and much more painless than I expected. I would not hesitate to work with her again and I cannot say enough good things about Micki!”

– Dr. A. Jeffery

Her in depth Knowledge & Integrity are clear from the start.

We were so lucky to have worked with Momentous Realty | Micki on our home purchase. Her involvement in leveraging our position in our home purchase and synergistic solutions are the very reason why we are homeowners today. Her service was beyond compare, even a more powerful statement knowing that we aren’t her typical market. Her strong in-depth knowledge + integrity are clear from the start.

– M/M Woodson, Senior Executives

The results were amazing

She was very professional. Kept us informed every step of the way for a quick worry-free closing. Definitely will use her again.

– Dathne Johnson

One Call That's All...

MICKI is awesome she will help you with all your real estate needs. One call that’s all. Thank you for everything Micki.

– Stacey Manson

The epitome of integrity and grace.

Micki is the epitome of integrity and grace. I love and appreciate her wisdom and willingness to share her words of knowledge with those that she encounters. I can always look to Micki to be uplifted and encouraged.

– Lease Youmans

Our Go-To Realtor, knowledgeable, professional & dependable.

We couldn’t have been any happier with Micki and her professionalism throughout our temporary relocation process to Metropolitan Atlanta during filming requirements. Almost immediately, Micki and her team provided us with leasing options based upon our family requirements. She thoroughly explained the leasing process, attended every showing with us, and provided us with enough information to ultimately make our decision to purchase another home within the area.

MICKI, thank you and your team for the amazing work!

– M/M Washington, Entertainment Industry

BECOME A MOMENTOUS INSIDER.

 

Pin It on Pinterest

Share This