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A Mecca for Millennials

A Mecca for Millennials

Jul 08, 2019
By Matthew Fenton / The Broadstreet | The Broadstreet

Lower Manhattan is emerging as a mecca for millennials (defined here as people born between 1977 and 1996), according to a new report prepared by PropertyClub, an online real estate database website that provides in-depth data for millions of properties in major urban markets throughout the United States.

The study finds that 67 percent of the residential population within the 10005 zip code in the Financial District — a catchment bounded roughly by Broadway, Beaver Street, South Street, and Liberty Street — is compromised of people born between the year “Three’s Company” debuted, and when “The Fresh Prince of Bel Air” aired its last episode.

This majority is slightly smaller than the tabulation found in a similar report, issued in 2018, by RENTCafe, a nationwide apartment search website. That analysis concluded that millennials represented 71 percent of the population in zip code 10005. The 2018 report also calculated that northern Battery Park City (the 10282 zip code) had experienced the third-largest influx of this age group of any locality in the nation, with a 54 percent jump, between 2011 and 2016.

Measured by raw numbers of millennials (rather than a percentage of the local population), however, PropertyClub’s report indicates that no section of Lower Manhattan even makes the top ten list, which is dominated by six neighborhoods in Brooklyn, three in Queens, and one in the Bronx. In this ranking, the Williamsburg section of Brooklyn (zip code 11211) takes the City-wide top spot, with 44,866 people born between the years that “Star Wars” and “Independence Day” ruled the box office calling that neighborhood home.

In both the FiDi and Williamsburg enclaves, however, Millennials seemingly hew to a similar financial profile: fewer than one in five own their dwellings, while more than four of out five rent their homes.

To read the original report on which this story is based (which relied on United State Census data), click here.

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