The nation's capital and its surroundings are now dripping with millennials.
According to a new report from RealtyTrac, Arlington, Va. now has the highest percentage of millennials among all U.S. cities, at 40 percent. The Washington DC suburb saw the share of its residents born between 1977 and 1992 climb 78 percent from 2007 to 2013.
The city of Washington DC proper is now 35 percent millennial, up 30 percent from 2007; and Alexandria, Virginia is now 34 percent millennial, up 80 percent from 2007. Here's the full chart showing the top cities with millennial population share:
And here's millennial growth:
RealyTrac's report found that millennials have moved to areas where home prices are almost completely out of reach, even though buying a home is now cheaper than renting in many other parts of the country, and despite the fact that many millennials still say they want to own a home someday.
“First-time buyers…are stuck between a rock and a hard place in today’s housing market: many of the markets with the jobs and amenities they want have hard-to-afford rents and even harder-to-afford home prices; while the more affordable markets have fewer well-paying jobs and tend to be off the beaten path,” said Daren Blomquist, vice president at RealtyTrac.
Here are the home prices for millennial-dominated cities:
"We are still five to seven years from seeing the millennials enter into the housing market in the more affluent coastal areas,” said Chris Pollinger, senior vice president of sales at First Team Real Estate, covering the Southern California market.
Rob covers business, economics and the environment for Fusion. He previously worked at Business Insider. He grew up in Chicago.