Portland metro area considered a millennial hub for affordability

A new report from Car Insurance Comparison said the Portland-Vancouver-Hillsboro, Ore., metropolitan area is one of the most relatively affordable metro areas that millennials are moving to.

To make matters confusing, it’s also the most expensive area to make the car insurance quote company’s top 10 “most popular and affordable” list.

Car Insurance Comparison analyzed 2013 to 2017 data from the U.S. Census Bureau, calculated the percent change in millennial population for each metropolitan area and filtered out those with a cost of living greater than 2 percent above average.

In a news release on Tuesday, Car Insurance Comparison said: “Even though the millennial populations in high-priced Seattle, Denver, San Jose and San Francisco have continued to grow, similar increases are taking place in locations that were previously unpopular among this demographic.”

This is also a confusing statement to associate with Portland, an area that’s long been considered a magnet for young people.

According to the analysis, the Portland-Vancouver-Hillsboro, Ore., area is No. 3 on the list. Its millennial population grew by almost 13 percent between 2013 and 2017, a gain of more than 66,000 people. The median list price of a home is $426,891, and median one-bedroom rent is $1,402. The cost of living is 2 percent above average, which makes it the most expensive place to live in the top 10.

“While not nearly as expensive as other West Coast millennial hubs like Seattle and San Francisco, Portland is still slightly more expensive than the national average” the news release said. “The area is typically known for its quirky reputation, craft breweries and abundant coffee shops, but this Pacific Northwest metro boasts plentiful outdoor recreation activities, as well.

“Both beaches and mountains are a short drive away, and the area’s ample park space is an attractive amenity to millennials with kids. For job opportunities, the greater Portland area includes major corporations like Intel, Nike, Boeing and Xerox,” the news release said.

Car Insurance Comparison’s list also includes Austin-Round Rock, Texas (No. 1), Raleigh, N.C. (No. 2), Boise, Idaho (No. 4), and Las Vegas-Henderson-Paradise, Nev. (No. 5).