Millennials are gravitating to emerging, transit-oriented housing alternatives outside Manhattan
While the overall NYC metro recorded a 34% rise in millennials since 2010, areas highlighted in deep red averaged an increase of 174%.
October 16, 2019
- While the overall NYC metro recorded a 34% rise in millennials since 2010, areas highlighted in deep red averaged an increase of 174%.
- These “millennial hot zones” are situated in major transit hubs with the most convenient access to Manhattan and are especially prevalent in Long Island City, Downtown Brooklyn and Jersey City, which have seen nearly a 200% rise in some census block groups.
- Compared to Manhattan which has delivered 30,902 units since 2010, Downtown Brooklyn has delivered 4,053, Long Island City with 12,707, and Jersey City at 15,596. Each of these markets show at least a 25% decrease in unit price compared to Manhattan.
- These immediate hot zones are positioned well to capture continuing multi-housing, retail, office growth
Source: JLL Research, US Census, American Community Survey, CoStar