Of 1,800 U.S. counties studied, Fayette has the highest rate of departing ‘millennials’
Sometimes being No. 1 is not the place to be. And when it comes to the trend of people age 28 and younger (often referred to by demographers as millennials) moving away to find a better job, and by extension a better life, an analysis of 1,800 U.S. counties by RealtyTrac.com shows Fayette County as having the nation’s highest rate — 31 percent — of young adults leaving for greener pastures.
“I think the study is so consistent with the trends we’ve been seeing. I think this is a serious issue for our county,” said Fayette County Chamber of Commerce President Virginia Gibbs.
Gibbs referenced the recent Fayette Visioning Initiative that noted the importance of having citizens of all ages residing in Fayette.
“The visioning Initiative showed a need to create a quality of life unique to Fayette County, one that people of all ages will appreciate,” Gibbs said.
It has been no surprise to some that Fayette County has a problem attracting young adults to the county, regardless of the various reasons. Falling school enrollment with a loss of more than 2,000 students since 2008 and an Atlanta Regional Commission study from 2009 showing Fayette with a projected 450 percent increase in the 65 and older population by 2040 are but two examples of what is happening in Fayette.
RealtyTrac analyzed census population data between 2007 and 2013 in more than 1,800 counties nationwide to discover which markets are seeing the biggest shifts in the millennial population. The analysis further focused in on the top 10 counties for increases and decreases in millennials.
Fayette led the nation with a 31 percent decrease in millennials from 2007-2013, and in 2013 millennials made up 15 percent of the county’s population. That is nearly the same percentage of those 65 years and older who reside in Fayette County. The difference is that the percentage of millennials is decreasing while the percentage of those 65 and older is increasing dramatically.
Coming in second with the most millennials leaving is Citrus, Fla. at 27 percent, Sacramento, Calif. at 25 percent, Prescott, Ariz. at 22.6 percent, metro Detroit at 22 percent, metro Chicago at 20 percent, Monroe County, Mich. at 19 percent, Monroe County, Penn. at 18.6 percent and Orange County, New York at 18.5 percent.
“The millennial generation is the key to a sustained real estate recovery and boomers who are downsizing are helping open the door for many first time homebuyers while also driving demand for purchases and rentals in the markets where they are moving,” said Daren Blomquist, Vice President of RealtyTrac. “Naturally, millennials are attracted to markets with good job prospects and low unemployment, but that tend to have high rental rates and high home price appreciation, while boomers are moving to lower populated areas which have slower home price appreciation.”
So where are Millennials moving?
The bottom line, according to RealtyTrac, is that millennials are moving to places with more opportunities to find jobs. So where are those places? They include Metro Washington, D.C. (an 81 percent increase in millennials), metro New Orleans (71 percent increase), Denver (57 percent increase), Montgomery County in Tennessee (41 percent), Hudson County in New Jersey (44 percent), metro New York City (43 percent), Portland, Oregon (41 percent) and Nashville, Tenn. (37 percent).
