While the Brick City is seeing development at a scale not seen in at least a generation, a new study claims millennials might be best advised to look elsewhere when considering a new residence.
Atlanta-based Rent.com, an apartment search website, recently released their rankings of best and worst cities for millennials. Loosely defined as the generation currently between 24 and 39 years old, the demographic has been credited (or perhaps maligned) for reshaping housing trends through their preference for urban living.
Rent.com’s study looked at a number of millennial-focused factors and weighted them according to relevancy. They included median income, percentage of millennial renters, the unemployment rate as of June 2020, walk and bike scores, and a “fun factor” score, described as a per-capita calculation based on commercially-available business listings of entertainment establishments like bars, concert venues, movie theaters, and restaurants.
Weighing all the factors, the study ranked the Newark experience dead last for millennials alleged tastes. The city scored poor marks in terms of millennial median income at $37,642 and an unemployment rate of 17%, with the average one-bedroom in the Brick City costing $2,181/month.
Newark did have a high walk score of 78 and a respectable 54 bike score, although their fun factor per capita ranking came in at a below-average 28.3. The Garden State overall did not have a single city in the study’s top 50 and the only other local city to register, Yonkers, New York, also fared poorly ranking fourth-worst for millennials.
So where does Rent.com think millennials will fare the best? That would be Salt Lake City, Utah. With a median income of $61,625, unemployment rate of 6.2%, walk score of 67, and percentage of millennial renters at 51.7%, the city ranked high in many metrics. Apparently, it’s a blast out there; Salt Lake City’s fun factor score came in at 61.5, the second-highest ranking on the list.
The study generally gave high marks to cities located in the middle of the county with places like Madison, Wisconsin, Austin, Texas, and Lexington, Kentucky landing in the top five.