DC Millennials are being 'priced out' of DC but aren't moving east of the river where rents are cheaper
For the sake of this post The Advoc8te will be highlighting two Washington Post articles. The first article from June 16, 2014 highlights the challenges faced by "Millennials" (translation: young professionals) as they run out of affordable housing options in DC. The second article is from October 2013 and highlights the highest concentrations of millennials by neighborhood. Despite cheap rents and quick access to downtown, millennials aren't moving to Congress Heights. The Advoc8te has the distinct feeling that we are talking about two different District of Columbias. Millennials are definetly flocking to DC but look where in DC they are flocking. There is a world of difference (and rental opportunities) between Columbia Heights and Congress Heights -- it seems that more than a river divides us.
At the risk of oversimplifying the situation imagine what could happen if:
June 16, 2014
Excerpt:
Yet, according to a Washington Post article from October 2013 we see where Millennials are living -- or more specifically where they aren't living.
Excerpt:
At the risk of oversimplifying the situation imagine what could happen if:
- More "millennials" (and their incomes) moved east of the river. Wards 7 and 8 could really use more residents with disposable income to support more (and better) retail, dining, and employment options in these historically underserved communities. I can imagine why more millennials aren't renting east of the river but imagine if they did. .........................................................................................................................................................
- More "affordable" rental housing concentrated west of the river. East of the river already has the lowest rents in the city and the highest numbers of concentrated poverty in the city. Why in the world are new affordable housing units being built east of the river? Of the $187 million dollars being invested in new affordable housing rental units over $100 million of that is coming east of the river. Wouldn't it make more sense to invest "affordable" housing in neighborhoods where the average rent is $2,500+ for a one bedroom? Wouldn't it make more sense to allow low-income families to live closer to jobs, retail, and services?................................................................................................
- East of the river was considered a viable option and not just an option of last resort. A vibrant and economically diverse east of the river with JOBS and RETAIL and AMENTIES = a stronger DC. Right now it feels like when people talk about DC they are really talking about wards 1 - 6.
June 16, 2014
Millennials consider leaving Washington as the city becomes more costly
Excerpt:
“I hate to say it, but the facts show that the D.C. market is for people who are single and relatively affluent,” said Grant Montgomery, senior vice president and director of apartment practice at Delta Associates, a real estate research group. “But looking at prices, you [still] have to wonder how do they make it work? . . . It’s a sacrifice.”
The most recent city data show that while the median age of those moving into the District is about 26, the median age of those migrating out is 29. Of the 59,000 people who left the District in 2012, about 44 percent ranged from 20 to 34 years old. Those leaving were likely to be college-educated and have an income above $50,000.
Meanwhile, in a recent survey from Virginia Tech of nearly 500 college-educated D.C. residents younger than 34, about 70 percent reported some desire to stay in the city in the next five years. But most of them had some concern that they wouldn’t be able to find an affordable home in a location they desired.
Yet, according to a Washington Post article from October 2013 we see where Millennials are living -- or more specifically where they aren't living.
How many millennials live in each D.C. neighborhood?
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