By Katie Mohr, ABODO
(Editor’s note: Katie works for a national apartment search site, ABODO. Her facts about the rising Denver population are her own.)
Americans, especially Millennials, love to be on the move. The average U.S. resident moves 11 times over a lifetime. So which cities are they leaving and where are they headed? According to apartment listing website ABODO’s recent study of U.S. Census data, Denver is high on the destination list.
ABODO’s “So Long to the City” study shows that between 2012 and 2015, Metropolitan Statistical Areas like New York, Chicago, Hartford, Memphis, and even Los Angeles and Philadelphia saw the nation’s greatest population decreases due to net domestic migration. That’s the number of departing residents minus the number of those arriving from elsewhere in the country.
Metro Denver Population Grows With New Residents
During the same time frame, Denver grew by 3.32% due to net domestic migration. That was the fourth-largest number in the nation. And, it’s 6.35% overall including births, deaths, and international migration. Before considering the number of people moving out, Denver saw the second-highest portion of new residents in the nation between 2014 and 2015. That was 9.44% of the MSA’s 2015 population having moved from across county or state borders in the previous year. In some of these cases, residents could have moved across county lines within the MSA.
Millennials Lead The Charge
So who’s flocking to Denver? As I mentioned earlier, Millennials love to move. They account for more than 43% of all movers between 2007 and 2012 according to a study published by Forbes. And furthermore, Millennials love Denver for its solid job market and, importantly, affordable home prices. The latter has become debatable. Because, home prices have been rising since January hitting a 12% year-over-year increase in July. But, they are now beginning to drop.
The Denver area is a hotspot for some of the country’s fastest-growing jobs. It draws new residents with ample employment in computer and math, construction and extraction. Plus, Denver excels arts and media occupations. The city is also rife with opportunity in health care. Nearly 53 in every 1,000 jobs in the city is in health care.
Denver urban neighborhoods such as Washington Park, Lower Downtown, Lower Highlands (LoHi), River North (RiNo), Stapleton and The Highlands are especially popular with newcomer millennials. These neighborhoods and others offer walking neighborhoods, restrauants and entertainment venues in addition to lots of housing options. You’ll find apartments, historic Victorian homes, new lofts and townhomes and even new construction homes.
As many Millennials enter their late 20s and early 30s, they are looking to put down roots, solidify their career, purchase a home, and start a family. It looks like they’re finding Denver to be an increasingly attractive choice.
This is great news for the Denver real estate market and the entire local economy. Millennials are increasing Denver population because Denver has jobs for them!