America Millennials Reshape America
Sun Belt cities, with strong job markets and affordability, reap the rewards.
BY MICHAEL HENDRIX 1
985 was one of the worst years to be born in recent memory. These Back to the Future
babies graduated from college in the depths of the Great Recession. Their early to mid-20s were spent
searching for jobs that were few and far between. The tight rental market that came
after the housing crash lasted through to their late 20s. And now an even tighter housing
market has lasted into their mid-30s. I should know — 1985 was the year
I was born. My fellow millennials rank among the unluckiest generations. But today their fortunes are turning. Many millennials, especially the
older ones, are flush with savings and are starting families. Those who already
owned homes hit the equity jackpot with the pandemic’s historic run-up in house prices. The 70 million-plus millennials,
born between 1981 and 1996, are the largest share of homebuyers today but not yet the greatest share of homeown- ers, so they have ground to make up. And their lifestyle preferences are
shifting as they buy homes and set- tle down, have kids, and grow in their careers. This great reshuffling of millennials
will reshape the American landscape, particularly when it comes to which regions thrive and which stagnate over the next decade. The future winners look much like
the past winners: Sun Belt metros with good job markets and more affordable housing. Places like Dallas and Austin in
Texas, Raleigh and Charlotte in North Carolina, Denver and Boise in the Mountain West, Phoenix in Arizona, and Nashville in Tennessee. Florida is also drawing in waves
of younger migrants — Jacksonville, Tampa, and, of course, Miami are hot spots — though they’re still swamped by an even greater share of older movers. These are the “have-it-all hubs”
— growing metros where you can have a good career, afford a home, and raise your family. Crucially, Americans without college
degrees can also afford the same fast- growing metros as knowledge workers. Boomtown economies like Austin are becoming more diverse with thicker labor markets, while places like San Jose and Seattle risk becoming digital- era Detroits — stagnant company towns vulnerable to disruption. Have-it-all hubs are not just adding
more migrants, they’re swelling with new families. While the nation’s birth rates plummet to record lows, there’s a mini baby boom in America’s boom- towns, particularly in diverse or reli- giously faithful communities such as Houston or Salt Lake City. While millennials are still more
likely to live in multifamily housing than prior generations, as they move further into their 30s their demand for single-family homes is shoot- ing upward, as it was for their par- ents at a somewhat younger age.
Michael Hendrix is the director of state and local policy at the Manhattan Institute.
Rents Are Too Damn High R
30 NEWSMAX | MAY 2022 In the 50 largest U.S. metro areas, median rent rose
ents are exploding across the country, causing many to dig deep into their savings, downsize to sub-
par units, or fall behind on payments and risk eviction now that a federal moratorium has ended, reports The Associ- ated Press.
19.3% from December 2020 to December 2021, according to a
Realtor.com analysis of properties with two or fewer bedrooms. The Miami metro area saw the sharpest increases —
median rents soared to $2,850, 49.8% higher than the previous year.
MILAN_JOVIC©ISTOCK
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