TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/1478106
M REPORT | 61 O R I G I NAT I O N S E R V I C I N G DATA G O V E R N M E N T S E C O N DA R Y M A R K E T THE LATEST DATA to live and work in this Texas metro area. Plus, according to a previous CommercialCafe study, the Austin metro area has been especially successful in attracting new residents from in-state rivals Houston, Dallas Fort-Worth, and San Antonio. Furthermore, despite significant rent increases throughout the last couple of years and median millen- nial household incomes below the $100,000 threshold, the region's cost of living remains competitive when compared to other large MSAs: Austin finished in fifth place, out- ranking Denver, Boston, Seattle, San Jose, and San Francisco. As mentioned, Seattle performed exceptionally well in terms of its increasing number of millennials, landing in first place for this indi- cator. However, it's also important to note that the region also had the second-highest share of millen- nials within the overall population in rankings at 17%. With median millennial house- hold incomes around $101,000, the Seattle metro landed in fourth place for this metric. It also re- ceived additional points for rank- ing fourth for its share of health insurance coverage among people between the ages of 25 and 34 (72.5%, just below San Francisco). Clearly, the Seattle metro area has a lot going for it, such as its willingness to invest in parks and green spaces; its dedication to creating an exciting environment for innovation and startups; and more. However, for those consid- ering a move to Seattle, the cost of living might be a complicating factor. That's because the MSA had the third-worst regional price parity in our ranking, outpriced by only the two Bay Area entries (San Jose and San Francisco). Salt Lake metro settled in fourth place, pulling ahead of San Francisco after it outranked the California MSA on several met- rics. For instance, the Utah metro boasts a larger share of millennials with employer-based health insur- ance amid its residents than San Francisco—73.8%, enough to earn it second place. Salt Lake also performed bet- ter than the northern California metro area for its share of millen- nial residents within the overall population. According to most recent estimates, some 16.4% of people living in Salt Lake City metro were millennials (fourth place). Most notably, the Utah metro earned the top spot for the low- est unemployment among the 10 entries. Its 2.1% rate—recorded as of March 2022—is mirrored at the other end by Denver and Columbus' 3.3% unemployment. Few places exhibit such a clear division in their evolution before and after the internet and tech boom as San Francisco. Once the home of counterculture and independent artists, it's now become one of the most exciting destinations for tech profession- als. And, with median yearly incomes for millennials house- holds of approximately $133,778, it's also the second-best performing metro area in our ranking for this indicator. The Denver metropolitan area repeated its performances in terms of its millennial demo- graphics: Once again, it recorded the second-largest gain in resi- dents from this age group (12.8%), bringing the share of millennials within the MSA's total population to 16.9% for third place. However, Denver picked up far fewer points across the remaining indicators this time, with its un- employment rate being its greatest liability. At 3.6%, it was the highest rate of unemployment registered within the ranked metro areas. Residents here have also felt the squeeze from an increase in consumer prices, as demonstrated by the declining performance of Denver's regional price parity. According to the Consumer Price Index for Denver-Aurora- Lakewood, the most significant price hikes occurred in used cars, gasoline, and energy transactions. DS News is the only publication in the country solely dedicated to providing default servicing professionals with news and content focused on their industry. SUBSCRIBE NOW! Connect with us online at DSNews.com. SUBSCRIBE TO THE LEADER IN DEFAULT SERVICING NEWS THEFIVESTARINSTITUTE