Las Vegas Named Most Affordable City for Millennials
It might be hard to believe but the oldest millennials are closing in on 40-years-old. This generation of more than 73 million, born between 1981 and 1996, has definitely come of age. And, like generations before them, they are changing the culture for jobs, home-ownership, philanthropy, activism, recreation, family life and more. They’re also on the move, readily relocating for career and lifestyle.
That willingness to move is grounded in a desire for a better life. A recent study by CarInsuranceComparison.com entitled “The 10 Most Affordable Cities Where Millennials Are Moving” reports, “As millennials age, large numbers are migrating away from expensive coastal cities in favor of more affordable locales” with healthy job markets, affordable housing and outdoor recreation opportunities.
Coming in at number five on the top-ten list, Las Vegas checks off all the criteria boxes and more! Between 2013 and 2017, the Las Vegas area millennial population grew by 11.6 percent and that number continues to grow. GOBankingRates reports that the Las Vegas area has the fifth-largest percentage of millennial-aged residents, at 28.6% of the population.
When it comes to housing, Las Vegas has everything a millennial could want – from rents below the national average to reasonably priced entry-level suburban homes to spacious carefree condos in the heart of the city. The Las Vegas real estate market is one of the strongest in the country. While housing prices have squeaked up, home prices in Las Vegas remain affordable compared to other major markets, particularly California. It’s no wonder Golden State millennials flee the state’s high prices, high taxes and maddening traffic congestion for a better life in Las Vegas.
Ogden has 22% of buyers who are millennials and Juhl has 36%. Empty nesters – Ogden – 33% and Juhl 27%.
Many Las Vegas millennial transplants are gravitating to Downtown Las Vegas and high-rise condominium living. At Juhl, 36 percent of buyers are millennials, while The Ogden counts 22 percent of its residents as millennials. Similarly, 27 percent of buyers at Juhl are empty-nesters, and 33 percent of buyers at The Ogden are empty-nesters. In other words, both communities are a great place to put down roots at any age. A big part of the attraction for everyone, regardless of age, are the area’s walkable neighborhoods, complete with cheeky coffee houses, hipster bars, a bohemian arts district, health clubs, casual dining, diverse cuisine, and more.
Equally as strong is Las Vegas’ job market. The Nevada Dept. of Employment, in May 2019, reported that Las Vegas employment grew at a rate of 2.8 percent, higher than the national rate of 1.6 percent.
Always a world-class destination for hospitality, Las Vegas’ economic strength now boasts a swiftly growing technology sector and a powerhouse professional sports segment with names like the Raiders and the Vegas Golden Knights.
But for millennials, there’s more to life than work. Getting outside to rejuvenate undeniably tops their list of must-haves. A recent study by YPulse reports that six of the top named hobbies of millennials and Gen Z’s are physical activities including running, walking and hiking. The Las Vegas area has more than 316,000 acres of wilderness, breathtaking canyons for hiking, nearby mountains for trekking and snow skiing, deep water lakes for boating and hundreds of miles of paved and unpaved bike paths. That’s in addition to the multitude of amateur baseball, softball and soccer clubs teams.
For millennials with kids, downtown Las Vegas offers the Discovery Children’s Museum and Las Vegas Natural History Museum. Springs Preserve, a 180-acre attraction in Las Vegas featuring botanical gardens, trails, and museums, is another great amenity for families.
Plus, these days there’s no better place than Vegas to take in a professional sporting event. Soon, the NFL’s Raiders will wave bye-bye to California and take up permanent residence at the new Allegiant Stadium in Las Vegas. And, nothing is more celebrated in Vegas than the NHL’s Vegas Golden Knights who have become the city’s darlings. In short, living, working and playing in Las Vegas is great at any age.
