The health of the single-family housing market and the volume of home sales in the coming years will largely be affected by the purchasing decisions of millennials.
This is no more true than in Washington, D.C. where 31.4 percent of its population, 194,295 people, are between the ages of 20 and 34.
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“Washington D.C. has a disproportionately large young professionals (25-34) population,” according to Graphiq.
A number of these young professionals appear to be educated and make a solid income, which would seem to make them solid candidates for future home purchases.
Roughly 51.7 percent of all D.C. residents have either a bachelor’s degree or a graduates degree, with nearly 45 percent of its population earning more than $75,000 a year.
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D.C. is home to a number of neighborhoods considered “best places to raise a family.” They include:
- Foxhall – Palisades
- Chevy Chase
- A.U. Park-Friendship Heights-Tenley
- Cathedral-Wesley Heights-McLean Gardens
- Colonial Village-Shepard Park
Most of these neighborhoods are more suburban in nature and are located northwest of the neighborhoods considered to have the highest population of “hipsters,” most of whom range in age from 20 to 34. Several of the submarkets, including Georgetown and Cathedral-Wesley Heights-McLean Gardens, are considered to have a high population of young professionals and be top places to raise a family in the city.
Seventy-two percent of families in D.C. are classified as “small,” or having only two or three members.
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