DataMarkets & Economy

Richmond easier on millennials than other metros

Parents can worry less about providing a roof in these markets
  • National median rent as of May 2016 is $1,407.
  • In Richmond, 15 percent of millennials live alone, making it the friendliest city for solo living.
  • Median rent in Richmond is $1,354 and accounts for only 26 percent of area renters' income – less than the national 30 percent affordability average.

Believe it or not, some renters across the country are actually able to save money, according to a recent Zillow report that shows where the most millennials live on their own with relative affordability. At a time when one in five millennials still lives at home with mom and/or dad, it's comforting to know some places make living easier on the new generation. Just two hours south of Washington D.C., where median rents in certain neighborhoods reach $3,037, sits Richmond, Virginia -- the city with the highest percentage of millennials living on their own in Zillow's study. The reasons behind this are many, but some conclusions can be extrapolated from the area's recent economic growth. Currently, unemployment in Richmond is only 5.7 percent (compared to the national 6.3 percent). Job growth over the next ten years forecasts 41.8 percent growth, according to BestPlaces.net. And roughly 14 percent of the population is employed in the management, business, and finance sectors ...