Richmond has been ranked seventh among the top 10 U.S. metro areas for Millennials, according to a new study by SmartAsset. This marks a significant jump from 15th place last year, showing one of the largest improvements in the national rankings.
The annual study evaluates major metro areas based on factors important to Millennials, such as population growth, employment rates, income, cost of living, and education levels.
Richmond’s Millennial population grew by 10.9% over the past five years, one of the fastest rates among the top 20 cities. Researchers say this growth reflects a strong influx of young adults drawn to the city’s affordability and job opportunities.
The city’s unemployment rate stands at 2.7%, tying for fourth-lowest in the study. While government jobs remain a major part of Richmond’s economy, there has also been growth in health care, biotechnology, law, and finance sectors.
Millennials in Richmond have a median household income of \$117,300. At the same time, the cost of living is slightly below the national average, making Richmond more affordable than many larger coastal cities.
Neighborhoods like Scott’s Addition, once an industrial area, have transformed with new apartments, breweries, restaurants, and coworking spaces, attracting many younger renters and homebuyers.
Though the share of degree-holding Millennials in Richmond is lower than in some other top cities, the city’s mix of affordability and stable economy continues to attract young people looking to relocate or build careers.
SmartAsset’s rankings are based on six weighted factors using data from the U.S. Census and Bureau of Labor Statistics.
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