Austin's Hyde Park is a bona fide magnet for millennials. A new study from apartment search website RentCafé ranks the historic hood as one of the top ZIP codes in the U.S. for millennial residents.
U.S. Census Bureau data gathered by RentCafé indicates 61 percent of the residents in Hyde Park's 78751 ZIP code, or about 8,900 people, were millennials in 2016. That makes it the No. 2 millennial hot spot in Texas and the No. 16 millennial hot spot in the U.S.
Other Texas ZIP codes that made the list are:
- 75201 in Dallas. The Arts District is comprised of 65 percent millennials, or about 8,800 people. National rank: No. 8.
- 75202 in Dallas. Downtown in the Big D has a 61 percent share of millennials — about 1,400 residents — and a national rank of No. 15
- 77054 in Houston. The neighborhood around the Astrodome has a 63 percent share of millennials, or about 14,400 residents. National rank: No. 12.
RentCafé also ranked ZIP codes in the 30 biggest U.S. cities by the biggest increases in millennial population over a five-year period, the largest share of millennials, and the largest total number of millennials. The study excluded ZIP codes with fewer than 1,000 millennial residents, as well as ZIP codes overlapping with college campuses, military bases, and prisons.
In terms of the fastest-growing ZIP codes for young adults, 78756 in Austin was the only Texas ZIP code in the top 20.
The share of millennials in 78756 — which includes the Brentwood and Rosedale neighborhoods — jumped 34.3 percent from 2011 to 2016, according to RentCafé. In 2016, it was home to about 4,000 millennials.
John Crowe, a broker Realtor with Austin’s Juice Real Estate, says the Burnet Road corridor in 78756 is gaining popularity among millennials due, in part, to its abundance of “charming” updated homes dating back to the 1940s. The Burnet corridor also has seen explosive growth in the number of apartments, restaurants, and bars.
Crowe says that these days in the 78756 ZIP code, a resident “can jump on a Bird scooter, take a short walk or bike to meet friends and family on the deck of the burger-and-beer joint, spend evenings enjoying the high-end sushi or Mexican restaurants, or settle in at the various food trailers and local coffee shops.”
“A gourmet grocery store, plus-sized yards, great schools, green spaces like Ramsey Park, and a solid local library serve as a foundation for young residents, many of whom, live and work in the area and plan to stay as long as the original owners of those 1940s homes did,” he adds.