The millennials are expected to become the most powerful generation in America in the near future, as the group begins to have an impact on politics, culture and the economy. But first, they will have to choose where they want to live. South Florida attracts people of all ages who want to hire local movers Florida and live here. Therefore, we have compiled a list of the best places for millennials in South Florida.
Let’s look at the factors that we used in our analysis
- Are there jobs in the area? We reviewed the unemployment rate and the average wage using the latest data from the US Census Bureau. We determined the average salary with the payroll on the census bureau by ZIP code. The decrease in unemployment and the increase in wages and salaries had a positive effect.
- Can you afford to rent close to work? Using census data, we measured the city’s average rent, including utilities, to determine if the area has reasonable rental costs. Lower costs led to a positive result for the city.
- Do other millennials in South Florida live there? We have determined that millennials are working people aged 18–33 years. We used the two brackets of the census bureau at the age of 20 to 24 years and 25-34 years to create a millennial group for our analysis. From this, we found the percentage of millennials in the cities and the growth of millennial residents. High percentages have received positive ratings.
Our analysis revealed some trends:
Big cities are in a high position. The average wages led to major cities like Miami and Orlando being on our list. Perhaps not by chance, millennial people are prone to urban areas. Seven of the top 10 cities have a population of over 100,000. Along with its established commercial centers in these cities and surrounding metro areas, there are several Fortune 500 companies.
Affordable rental price. Despite the fact that rents are accounted for only 20% of the amount, the first seven cities have an average rent at or less than the state median of $946 per month. Finding places to rent, not buying, is also consistent with the millennial behavior. Since the Trulia real estate site found that the level of home ownership for Americans aged 18–34 declined to a new minimum of 13.2%.
In this analysis, we crunched data from many places in Florida. Only places with more than 20,000 inhabitants were analyzed.
Top places for millennials in South Florida
1. St. Petersburg
This city on the outskirts of Tampa Bay is home to a thriving economy with an average salary of $47,500, which is $13,500 more than the average of cities analyzed. The headquarters of Raymond James Financial and EverBank are located here along with Jabil Circuit, a Fortune 500 company. The average rent is $924 per month in a city busy with restaurants and entertainment along the Grand Central District.
2. Palm Bay
With the second-largest average salary in our top ten, Palm Bay is in the middle of an expansion the Emerald City. It is a project worth $ 101.8 million, which will create an urban center along Interstate 95. Recently, to the northeast of Micco Road has opened a new interchange, according to a news report. The city also has several large enterprises, including Harris Corp., an international information technology company.
Thanks in part to the University of South Florida, Tampa has a strong millennial presence, which grew by 7% from 2010 to 2013, and now makes up 24% of the population. Which explains the reason why the city has the largest millennial population out of analyzed cities. The average salary here is $47,300, which is 28% higher than the average for the cities we analyzed. Companies such as KForce and World Fuel Services, a Fortune 500 company, are located in Tampa. It is also one of the Florida cities with most sports opportunities.
As one of the largest city in Florida, Orlando has more than 190,000 millennials. A high average salary can be related to the opportunities to work in corporate banks, healthcare companies, and Fortune 500 companies. The average rent is available at a price of $927, which is the second largest in our list and lower than the average of $1,017 in the analyzed cities. No wonder many millennials in South Florida are thinking about moving to Orlando.
With a relatively high average salary of $46,000 and an average rent of $950, Miami balances affordable housing with a strong local economy. It has headquarters of World Fuel Services, Ryder System Inc. and many other companies in a growing urban environment.
With 11.1% increase in millennial population, Sarasota takes a bit lower place on our list. But, it is still a perfect city for them. There are a lot of interesting places where they can go. As well as many events and popular festivals. And, young workers who live here will also find a lower monthly rent of $854 and an unemployment rate of 4.6%.
7. Winter Park
Despite the fact that a little less than 28,500 people live in the city, Winter Park makes up for its size with an average salary of 40,146 US dollars and the highest growth of millennials in our top-10. Park Avenue serves as the focal point of the cosmopolitan center of the city, where are upscale restaurants with scenic parks and Rollins College, Florida’s oldest recognized college.
8. Boca Raton
Boca Raton has the highest average salary on our list of $51,252. Although rents are usually higher here, a median of $1,300, this coastal city offers a thriving business environment with more than 150 companies and cultural events in the city center.
9. Fort Lauderdale
This city to the north of Miami extends from tourism and now has a strong business center, the headquarters of Microsoft Latin America and AutoNation, the largest automotive retailer in the United States. Although the cost of renting costs more here than the average for the cities analyzed, Fort Lauderdale’s cultural pulse is noticeable especially at the location of Broward’s Performing Arts Center, various museums and fine restaurants.
10. Palm Beach Gardens
With a 4.3% unemployment rate, the lowest of our top 10 cities, Palm Beach Gardens – on the east coast of the state – maintains a relatively high average salary of $49,300. The business environment of the city includes retail, commercial and other enterprises, including the national headquarters of the PGA. The average rent here is high. But the low unemployment rate of 4.3%, plus the growing local economy, makes this city fit for millennials in South Florida.