Migrating Millennials Could Fuel NYC Housing Boom

Written By Tasha Moore | July 11, 2014 | Published in Real Estate Market Trends
2019%2f09%2f13%2f12%2f39%2f01%2fb408ba1b 6a09 4d42 996c 478f08a32f7f%2ffile

A good chunk of the nearly 11 million new college grads that moved in with their parents to wait out the brunt of the Great Recession storm have long been itching to experience all the perks New York City living has to offer. As record unemployment numbers dwindle, Millennials have reset their sights on the Big Apple to jump-start their lives and build their careers. Data analysis firm Niche has named New York City one of the best places to live for migrating Millennials, based on some 500,000 surveys from college grads and students, FBI crime data and US Census stats. So expect the city's housing market to boom soon. 

Not long ago social theorists, marketing experts and urban planners went gaga over anything remotely associated with the Baby Boomer generation. These days, however, the Millennial generation (which includes individuals born between the early 1980s and the early 2000s) is stealing more of the limelight, and for good reason. Researchers predict that by the end of the decade, Millennials will have surpassed Baby Boomers as America's leading consumer spenders. 

Brookings Institution released studies which indicate that Millennials will likely trickle (as opposed to, crowd) into America's cities in the near future, since wages remain stagnant and student debt increases. At the same time, a Brookings' study also shows that Millennials place "higher worth on experiences over acquisition of material things." High rents and cramped living quarters notwithstanding, New York City has the accessibility, culture, diversity, shopping and intense social scene that today's Millennials crave. 

But do not expect Millennials to return to their parents' basements after their New York City stints. According to Harvard's Joint Center for Housing Studies, Millennials are expected to form 24 million new households by 2025. Trends confirm that this group is highly optimistic overall. Their New York rites of passage may require socializing for countless hours and spending large amounts of unexpendable income; however, many Millennials expect to gain solid careers and to start new families in comfortable suburban homes for all their efforts. Hopefully for them and the US economy, home loan lending standards will have loosened at that phase.

Blog Archive


This information is not verified for authenticity or accuracy and is not guaranteed and may not reflect all real estate activity in the market. © 2021 REBNY Listing Service, Inc. All rights reserved. RLS IDX Data display by Elegran LLC. IDX information is provided exclusively for consumers’ personal, non- commercial use and that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

Elegran LLC may or may not be the exclusive listing agent of the properties being displayed on Elegran.com. All data displayed on Elegran.com is presented for informational purposes only and should be independently confirmed by all customers. All Information is compiled from both public and private sources including, but not limited to the RLS, MLS and ACRIS; each of which is assumed to be reliable. All information displayed is subject to errors and omissions regarding apartment specifications and final sale prices, and further, any unit listed may have had its listing withdrawn without notice subsequent to such information being compiled. No representation is made as to the accuracy of any description (ie: listing, close sale data, and/or building description) of any building or individual unit. All measurements and square footage are approximate and all information herein should be confirmed by customer and/or their attorney. Elegran LLC, its members, affiliates, and contributors adhere to New Your City, New York State, and United States Fair Housing Laws.