Yesterday, The Washington Post featured a story on the rising rent prices in Washington, DC, and the effects that this is having on the older Millenial generation. Typically associated with people in their teenage years to those in their 20s, the title “Millennial” also applies to those in their late-20s and early-30s – a group whose lifestyles differ quite significantly from their younger counterparts. Whereas younger Millennials tend to be single with income to spare, those on the older end of the spectrum are often ready to settle down, start families, and buy homes. And, for these older Millennials, DC has become too costly to afford.
While it's true that Millennials continue to flock to the DC region, will affordability affect their long-term plans? Especially at a time when the region is aiming to become one of the top tech sectors in the country, will the prospect of rising costs in DC steer them towards other developing tech ecosystems?
[READ: “Millennials consider leaving Washington as the city becomes more costly”. The Washington Post]