July 2, 2019 By Shane O’Brien
An affluent zip code by the Long Island City waterfront is the third most popular area in New York among millennials, according to a reported released today by a real estate research and listing firm.
The report, put together by The Property Club and based on U.S. Census data, found that 64 percent of the population in Long Island City’s “11109” zip code is made up of people between the ages of 20 and 39. Only two neighborhoods–or zip codes– have an equal or higher ratio of millennials– Manhattan’s Financial District and the Garment District.
“Millennials tend to favor walkable locations that will put them close to jobs and entertainment options, even if that means shelling out a more significant chuck of their paychecks on housing,” according to the report.
The report notes that while these millennial-rich neighborhoods are pricey, residents have high-paying jobs.
Most seek places, according to the report, where they can enjoy fine dining and shopping, outdoor activities and cultural events.
“Long Island City has come a long way in the last decade in terms of new construction, and it’s still primed for new investment,” the report stated. “The area benefits from some solid fundamentals.”
Long Island City, for instance, is close to midtown and downtown Manhattan, in comparison to many other neighborhoods. The report also notes that landlords in Long Island City have a relaxed leasing policy.
The report found that most millennials in Long Island City’s 11109 zip code rent. Only 7 percent own the property where they live, a tiny number compared to other areas. For instance, in Murray Hill, 28 percent of millennials own.
Seven of the top 10 millennial hotspots are found in Manhattan, with just two – Long Island City’s 11109 zip code and Astoria’s 11103 zip code – found in Queens. In Astoria, 49 percent of the 11103 population is comprised of millennials.
For the report, click here.