It is hard to see an article these days where “millennials” are not mentioned. Be it their housing preferences, their impact on office space utilization and buildout, or retail spending – they are the hot topic.
Millennial ages extend a bit younger than the 25-34 years used, but this is the core of the working age group that is really impacting housing demand, shopping, and working environments. By doing this, we were also then able to “map” this group throughout DFW (the map below is a close-up of our greater urban core).
What was interesting is that purely based on age, there are 36,000 millennials in our core. Not a bad number, right? Well, if you look at the variety of variables that comprise “lifestyle” that number increases to 67,000 – and 51% of our urban core’s population. Intuitively, this kind of concentration makes sense given what we see in the housing and job picture that is heavily influenced by Uptown. Also impactful is that the millennial’s average income is $79,000! Even though that is below the region ($84,700), don’t be so quick to jump to conclusions – their income is 18% higher than their age-based regional counterpart – and this is an average income for mostly a smaller household. So, there is some very solid spending potential here.