Credit unions with fields of membership in urban areas may have greater access to potential new members from the millennial generation, new research published by a home valuation firm suggested.
Pro Teck Valuation Services, a Waltham, Mass.-based company that specializes in researching trends in real estate value, used data from the American Institute for Economic Research to look more closely at market trends in two zip codes: The Lyn-Lake area of Minneapolis, Minn. (55408) and South Boston, Mass. (02127).
The company found that millennials, particularly those with college educations, have been moving to both places as well as other urban areas and have been helping those areas both weather economic downturns and grow out of their previously poor economic circumstances.
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"While millennials' impact can be seen, the rehabilitation of America's inner cities does not happen with a broad brush," Tom O'Grady, CEO of Pro Teck Valuation Services, said in the firm's monthly publication Home Value Forecast. "Change comes one building, then one neighborhood, then one ZIP code at a time."
Millennial generation adults with educations find these urban areas have a wider variety of housing options when it comes to affordability, the firm said. The company also reported that firms looking to attract workers in this demographic were also liable to move into these areas.
Other cities with areas particularly attractive to millennials included Austin, Texas; Denver, Colo.; New York, N.Y.; San Francisco and San Jose, Calif.; Seattle, Wash.; and Wash., D.C.
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