Redfin decided to check in with millennials this week to find out where they live and why they're not buying up homes. Not surprisingly, Seattle millennials are flocking to diverse, highly educated, but expensive neighborhoods. As such, they're forgoing home buying (homeownership rate for millennials is 42%) and instead dropping coin on high-rent apartments.
Among their list of 20 ZIP codes with the highest population of educated millennials, 98102 comes in 17th overall nationally. Roughly, that translates to Capitol Hill, Eastlake and Portage Bay. Millennials make up 30% of the population here, where the median home price is $482,500, hardly conducive to homebuying on their salaries.
Other zip codes/area Redfins notes as millennial hotspots are 98107 (Ballard, Freemont, Phinney Ridge and Sunset Hill) and 98109 (Queen Anne, Lower Queen Anne and South Lake Union), both of which are 29% millennial. Looking at their signs you live in a millennial neighborhood, it's hard not to see a lot of those places hitting the checkmarks.
· Where Do College-Educated Millennials Live? [Redfin]
· Signs You Live in a Millennial Neighborhood [Redfin]