Report: More Millennials Moving Into Minneapolis
MINNEAPOLIS (WCCO) - A growing number of 20- and 30-somethings are calling Minneapolis home.
The Millennial generation is up by more than 20 percent in recent years, according to a report from one real estate company. Hennepin County ranked 16th nationwide in counties seeing a major jump in their Millennial population.
Dave Brennan, a marketing professor at the University of St. Thomas, said he was not surprised.
"The Twin Cities have been a magnet for young people for a long time but, more particularly, now," he said.
Brennan said the 3 percent unemployment rate is appealing to Millennials.
"In many of the areas they grew up in, they went to school in, they don't have the jobs," he said. "So this becomes a real attraction for them."
Brennan also pointed out that Minneapolis is more culturally inclusive than other big cities, and it offers good health care options and a variety of entertainment.
"I think there's a 'Minnesota nice' element," Maddie Spalding said.
Spalding moved from Sartell, Minnesota, to Minneapolis to pursue a career in book publishing.
"There wasn't really much to do in Sartell," she said. "I was ready for a change."
Millennials are also willing to pay a lot to live in the city.
Realty Trac found the average rent for a three-bedroom property in Hennepin County is $1,403, 18 percent above the national average.
"I think we're going to see a lot more development in the Twin Cities," Brennan said.
Realty Trac's population study was gathered from data released by the government.
The city that had the highest increase in the number of Millennials was Alexandria, Virginia.
