Buffalo has become a “millennial magnet,” according to a study by the Urban Land Institute. The survey shows a six percent increase in the city’s millennial population between 2010 and 2015. That is a higher growth rate than urban centers like Seattle, Las Vegas, and New York City. The study was published in Time Magazine as a part of its “Looking Forward” series.
Adam Ducker, the managing director of Real Estate Advisors, the Maryland-based firm commissioned to conduct the research, says cost of living is a key reason why millennials are deciding to settle in Buffalo.
“Younger households in particular, these millennials, are making decisions based on affordability, quality of life, long-term family friendly places that they are looking to put down roots. And Western New York offers that in significant measure,” said Ducker.
Ducker said that with a high cost of living, cities such as Portland, San Jose, Chicago, and Orlando saw their millennial population fall.
The study found that apartments are the preferred place to live for millennials. He attributes Buffalo's "renaissance" as another factor that contributing to its millennial boom.
“The increasing vibrancy of downtown Buffalo, the livability of the surrounding communities is something that Buffalo and the surrounding communities should be cherishing, advertising, and promoting,” he added.
Ducker says he believes the population growth is sustainable for the long-term based on the city’s underlying economy.
