Richmond has been ranked one of the top 10 metro areas in the country for Millennials, according to a new study by SmartAsset. The city landed at #7 overall, up from 15th place last year, marking one of the largest jumps in the national rankings.
The annual study evaluates major U.S. metro areas based on key factors relevant to Millennial residents, including population change, employment rates, income, cost of living, and educational attainment.
Richmond saw a 10.9% increase in its Millennial population over the last five years, one of the fastest growth rates among the top 20 cities listed. Researchers point to that increase as a sign of strong in-migration by younger adults seeking affordable cities with economic opportunity.
The city’s unemployment rate of 2.7%, which tied for fourth-lowest in the study, reflects a strong local job market. While government employment remains a large part of Richmond’s economy, the study highlights additional job growth in health care, biotechnology, law, and finance.
Median household income for Millennials in the Richmond metro area is $117,300, and the cost of living remains slightly below the national average, making the city more accessible to young professionals than many larger coastal markets.
Neighborhoods like Scott’s Addition, which has undergone significant redevelopment in recent years, have become hubs for new residents, especially younger renters and homebuyers. Formerly an industrial zone, the area is now home to dense apartment construction, breweries, restaurants, and coworking spaces.
While the share of degree-holding Millennials is lower in Richmond than in some other metros in the top 10, the city’s combination of affordability and economic stability has made it increasingly attractive to younger residents looking to relocate or build a career.
SmartAsset’s full list ranks metro areas based on six weighted factors using U.S. Census and Bureau of Labor Statistics data.
Photo by Jimmy Woo
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