What are the best US cities for millennials? Not Miami, report says
Miami scores F due to job market and low affordability score
Miami just received a big, fat F for millennials.
The Miami metro is in the 10 worst in the country for millennials, according to a report from Apartment List. The ranking takes into account jobs, affordability and livability in 75 major cities in the U.S. Low median wages and slow wage growth kept three Florida cities in the bottom 10.
Miami ranked 44th on the list. It received an F due to the job market and low affordability score, which is based on median rents and the share of households that can afford a median-priced home. The region did score higher for livability, which looks at weather, access to parks, activities and nightlife, safety and the social scene. A Realtor.com ranking earlier this year, which excluded affordability, put Miami as the second top city for millennials for similar reasons.
Housing remains a challenge in South Florida, where home prices continue to rise and rents aren’t much better. Miami is among the 10 most expensive cities in the U.S. for renters. The affordable housing inventory — especially in denser cities that are attractive to millennials — hasn’t met the increasing demand. Those in the 18 to 34 age bracket are more likely to move than older adults.
Earlier this year, the Federal Reserve Bank of New York reported that the huge decrease in young Americans buying homes is thanks in part to tuition rate hikes and an overall increase in student debt. The research estimates that student debt is to blame for as much as 35 percent of the drop in young homeownership between 2007 and 2015.
In Florida, Orlando ranked as the third-worst metro and Northport as the fourth-worst metro. Apartment List found that Riverside, California was the worst major market in the country.
Instead, millennials should consider flocking to areas like Pittsburgh, Pennsylvania; Provo, Utah; and Madison, Wisconsin, according to the report. All three got an A+.