More than half of Americans born between 1980 and 1995 are renting their homes, in part due to student loan debt limiting their purchasing power. Yet, they're increasingly trying to settle in some of the nation's most expensive ZIP codes.
A new study based on Zillow data finds the median home values for the top 10 destination ZIP codes for Millennials from 2011 to 2016, as determined by RENTCafé. Los Angeles had the most ZIP codes analyzed, three, with median home values ranging between $533,500 in 90014 ZIP code and $1.7 million in 90048. Yet, the highest median home value CNBC found was $1.9 million in both the Lincoln Square neighborhood of New York, N.Y. and in San Francisco.
To generate its national rankings, RENTCafé looked at ZIP codes with total populations of over 600,000 residents. To generate its rankings by state, researchers analyzed ZIP codes in the 250 largest U.S. cities. ZIP codes with less than 1,000 millennial residents were eliminated, as were ZIP codes that overlapped with University Campuses and U.S. Military Bases or those that contained penitentiaries and correctional facilities.
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