Weighing all factors, the study ranked the Newark experience as the last for the supposed tastes of millennials.
While the Brick City is developing on a scale that has not been seen in at least a generation, according to a new study, it’s best to look millennials elsewhere when considering a new home.
Rent.com, an Atlanta apartment search website, recently released its ranking of the best and worst cities for millennials. The demographic, loosely defined as the generation currently between 24 and 39 years old, has been blamed (or possibly made malicious) for reshaping housing trends through their preference for urban living.
Rent.com’s study looked at a number of millennial factors and weighted them according to relevance. These included the average income, the percentage of millennial renters, the unemployment rate as of June 2020, the results for pedestrians and cyclists, and a “fun factor,” which is described as a per capita calculation based on commercially available industry listings from entertainment establishments such as bars , Concert halls, cinemas and restaurants.
Weighing all factors, the study ranked the Newark experience as the last for the supposed tastes of millennials. The city scored poorly for the median millennial income of $ 37,642 and an unemployment rate of 17%, with the average bedroom in Brick City costing $ 2,181 / month.
Newark had a high walk score of 78 and a respectable 54 bike score, although their fun factor per capita was a below average 28.3. Garden State did not have a single city in the study ‘s top 50 overall, and Yonkers, New York was the only other city registered.
Where does Rent.com think Rent.com will do best? That would be Salt Lake City, Utah. With a median income of $ 61,625, an unemployment rate of 6.2%, a walk score of 67, and a millennial tenant percentage of 51.7%, the city ranked high in many areas. Apparently it’s a great time out there; The fun factor in Salt Lake City was second highest on the list at 61.5.
The study generally gave cities in the middle of the county high marks, with places like Madison, Wisconsin, Austin, Texas, and Lexington, Kentucky finishing in the top five.