It may seem that everything's coming up Millennial in Philly these days, what with 24-hour SEPTA service and new mixed-use developments catering to the 20-to-34 year-old population, but a new study says Philly actually is one of the worst places for Millennial renters.
Per RealtyTrac numbers, in the 25 counties with the biggest jump in Millennial population in the period 2007 to 2013, fair market rental rates for a three bedroom dwelling average 30% of household income. And according to the survey, it takes 47% of household income to rent in Philly, ranking it third among the worst cities for renters, right behind the Bronx and Baltimore.
Apparently two D.C. 'burbs top the list of the best cities for Millennial renters: Alexandria, whose Millennial population grew by a staggering 80.29%, and Arlington, VA. But according to the survey, San Francisco surprisingly nabs first place.
Yes, rents are high (average: $2,801, according to RealtyTrac; that's the highest in the top ten by far) but so are incomes. Still, that hefty rent grabs 42.6% of median income, which is the biggest rent bite of any town on the list. Yet Millennials keep coming. Their population in San Francisco is up 59.14% in the period. · The ten best cities for Millennial renters and the ten worst [Mainstreet]
· New mixed-use conversion coming to Marketplace Design Center [Curbed Philly]