A new report by housing research group RealtyTrac ranked Nashville in the top 10 cities for growth among those in their twenties and early thirties. RealtyTrac vice president Daren Blomquist says this is the age group to watch because they’re spending more and more money as they get older.
“Those types of people moving into a market is going to mean likely a lot of stimulation of economic activity in that market, from housing to jobs to other industries,” he says.
They also have the potential to reshape the housing market. According to Blomquist, home ownership among that age group is below 40 percent — pretty low, he says. So cities with lots of Millennials will have more of a renter’s market, which is a change from past generations.
The RealtyTrac report analyzed U.S. Census data to find that the number of Millennials — people born between 1977 and 1992 — in the Nashville Metro area grew by 37 percent between 2007 and 2013. That’s compared to about 7 percent population growth overall.
Forbes asked demographer Wendell Cox to track similar data earlier this year.
RealtyTrac compiled a map showing the change in population around the country. Use the dropdown button at the bottom of the map to switch between Millennial and Baby Boomer population change. Scroll inside the map to zoom in on a county.