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Young Adults Migrating to Cities in the South & West

More and more young adults are migrating to cities in the south and west affecting rural areas.

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Young Adults Migrating to Cities in the South & West

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  1. Young Adults Migrating to Cities in the South & West www.ezLandLordForms.com

  2. 1 in 3 U.S. Counties Has A Higher Death Rate than Birth Rate • This trend is increasing: in 2009 it was 1 in 4 U.S. counties (880 of 3,143), today it is 1 in 3 (1,135 of 3,143). • Rural areas saw a population decline of .1% in 2012. • The South and West saw roughly four times the population growth rate that the Midwest and Northeast experienced in 2012. • Young adults of child-bearing age are the likeliest to migrate.

  3. As Young People Leave • Population growth slows or declines • Fewer people earn money • Fewer people spend money • Fewer people pay taxes • Fewer people buy homes • Fewer companies are started

  4. The Remaining Older Population • Spends less • Declines in health • Costs the government more money in social entitlement programs (e.g. Social security and Medicare) • Is Less likely to start companies • Is Less likely to buy homes

  5. Remaining Companies and Governments • See less revenue and are forced to cut jobs • This creates fewer opportunities for young adults, encouraging them to migrate elsewhere • A downward cycle is created and proves difficult to break

  6. Where Are the Young People Going? • Regionally: To the Sun Belt and Mountain West • Area Type: Larger urban areas with robust job markets • San Francisco, San Jose, Oakland, Austin, Houston, Dallas, Phoenix, Las Vegas and Orlando have all seen large young adult population increases

  7. The Rise of “Rental Concierges” • In some cities, like San Francisco, the sudden boom in the young professional population and subsequent spike in rents has given rise to a new industry of “rental concierges.” • These concierges help migrant professionals find housing in tightly competitive rental markets. • Rental concierges charge 1-2 months’ rent as a fee for their inside knowledge of city neighborhoods, local property management firms and apartment complexes.

  8. Fewer Vacancies and Higher Rents • Cities like San Francisco have seen an extremely low vacancy rate at just over 3% while rents leapt over 5% in the last year. • San Jose has a low vacancy rate of 2.6% with a 4.3% rise rents.

  9. Law of Supply and Demand • With an influx of high-paying jobs, a higher demand on housing is placed. • In cities like San Francisco with housing regulations preventing construction of new homes, the supply of rental properties has greatly decreased.

  10. Is There Hope for Rural Areas & The North and East? • There is hope if enough entrepreneurial employers open businesses and create jobs in the under-employed and under-populated regions in the Midwest and Northeast. • There are opportunities to find affordable real estate and lower cost of living in lower populated zones.

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