Photo: Robert Clark
If you’re a Millennial seeking a place to live that offers steady employment, affordable housing and is very livable, then the Big Apple isn’t the place for you.
In an index of the top metros for Millennials created by the listing site Apartment List, New York City ranked 63rd out of 75.
To create the index, Apartment List scored each metro based on jobs, affordability and livability (which includes crime rates, access to nightlife, as well as climate conditions). Each metro was then given a letter grade from “A” to “F” based on its scores, and ranked accordingly.
New York City received an overall letter grade of a “D,” with its lack of affordability impacting its overall ranking the most severely. Out of a possible 100, it received an affordability score of just 10 — making it one of the top 10 least affordable metros in the index.
“New York’s scores for affordability were the lowest, with high rents and a low share of the population able to afford the median-priced home,” Apartment List Research Associate Sydney Bennet tells BuzzBuzzNews.
But New York City’s lack of affordability was countered by its employment opportunities, earning a reasonably high jobs score of 57 — based on the strength of job market and its low Millennial unemployment rate.
“In the jobs category, New York earned a stronger score due to high wages, but moderately high millennial unemployment placed the metro behind other tech hubs such as Seattle and San Francisco,” says Bennet.
Meantime, change of season and cold weather were the culprits that dragged New York City’s livability score down to 44, and ultimately not nearly high enough to help counter the abysmal affordability score.
Pittsburgh, PA, Provo, UT and Madison, WI ranked as the top three metros for Millennials — each earning the coveted “A+” ranking.
Conversely, eight metros received the dreaded “F” letter grade, including Miami, FL, Sacramento, CA and Providence, RI.
“Largely, inland metros, primarily located in the Midwest and South, rank higher than coastal metros, offering affordable options for millennials, in addition to strong job markets and plentiful entertainment options,” says Apartment List in the report.
Metros that tend to attract Millennials, like New York City, Austin, TX, and San Francisco, CA, have major affordability challenges, despite solid job markets and overall livability. Rents in these metros are very high and homeownership is still out of reach for many.
“We found renters are still interested in moving to bustling metros with strong job markets, including New York and Los Angeles but the vast majority of renters in these metros are planning to settle down elsewhere,” Bennet tells BuzzBuzzNews.
In the long-term, Bennet says that Millennials are more likely to move out of metros like New York City as rents continue to rise, and move to cities that can offer both high-paying jobs and affordable housing.
Click here to read the entire report.