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Wednesday, September 24, 2014

Campbell County Becoming Hotspot for "Millennials," Young Professionals

The "millennial generation" is gaining momentum in the work force and home buyer marketplace in Northern Kentucky/Flickr

Campbell County is getting younger.

At least, according to the latest data. A recent infographic published by the Cincinnati Business Courier looked at how age demographics are shifting throughout urban and suburban communities across the Greater Cincinnati region.

Specifically, the study investigated where the "Millennial" generation seem to be making roots in the tri-state, as they graduate from college and begin their adulthood.

In the report, Campbell County ranked as the highest increase in Millennial residents across the region.

The term "millennial generation" refers, roughly, to those who are currently anywhere from 21 to 36 years old, and is typically comprised of the children of the "Baby Boomer," or post-World War II generation.

Northern Kentucky, according to the report, has seen the greatest swell of millennial residents of any area in the tri-state by far.

Here's the chart:

Click for full report from the Cincinnati Business Courier

Campbell County specifically has seen a 10.7% growth in millennial population, while Kenton County, not far behind, has seen an increase of 10.15%. Kenton County also saw a large dip in the number of Baby Boomers deciding to remain in the area.

Why is this such big news for Northern Kentucky? Experts say it's because with millennials comes a more stable local housing market. Daren Blomquist of Realty Trac, the California-based real estate database that compiled the data in the Business Courier's report, put it this way in a news release:
"The millennial generation is the key to a sustained real estate recovery and boomers who are downsizing are helping open the door for many first time home buyers, while also driving demand for purchases and rentals in the markets where they are moving."
In other words, the millennial shift in Northern Kentucky demographics represents a generational cycling of residency and property ownership, a crucial element to keeping the housing market vital.

While Campbell and Kenton counties are leading the region in millennial growth, Boone County's demographics have remained consistent over the past five years.

Click here for the Cincinnati Business Courier's full report.

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