I have the honor of serving as chairman of the St Louis Industry Forum which consists of leaders of professional and trade associations that are engaged in some aspect of the real estate industry in St Louis (such as REALTORS, Builders, Mortgage Lenders, Bankers, etc) and at our bi-monthly meetings millennial’s are often the topic of conversation with regard to this generations thoughts on home ownership vs. renting, where they want to live and other related matters. It’s no surprise our industry would be so focused on the millennial generation since this group of teens to 30-something year-olds represents the largest generation (and group of future homeowners or tenants) we have seen.
In other articles I have addressed the issue of homeownership by the millennial generation so in this one I am instead going to look at where the millennials are moving. I prepared the table below which shows all of the major counties in the MSA’s in Missouri, home affordability in those areas as well as the change in population with regard to the millennial generation as well as their parents generation, the baby boomers.
Millennials are heading to the city of St Louis…
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As the table below illustrates, during the 5-year period I had data for, 2008-2013, the largest change in the millennial’s percentage of the population was in the City of St Louis where the change was over 30 percent. Interestingly enough, that is the same location that saw the largest change downward in baby boomer population with boomers making up over 17 percent less of the population in 2013 versus 2008. In terms of the percentage of the population accounted for by millennials, the City of St Louis is 2nd in Missouri at 27.25% and Columbia, with millennials making up 30.85% of the population, is number 1.
Data Source: RealtyTrac – Copyright 2015 – All Rights Reserved – St Louis Real Estate News
