Where are the 20-34 Year Old Residents?

3 months ago

Between 2010 and 2017, the population of Essex County between the ages of 20-34 grew 15.5 percent (gaining roughly 20,000 residents in this age group) while Ipswich’s 20-34 population only grew 10 percent (gaining only 147 residents age 20-34). Municipalities with the greatest increase in this age group of young professionals were Lawrence, Peabody, Salem, Methuen, and Beverly. Of all communities within Essex County with growth in this age group, Ipswich had the smallest gains.

Over half of the housing stock in these five municipalities are apartments. Lawrence and Salem, the two towns where the 20-34 age group maintains the largest shares of the municipal populations, dedicate 73.4 and 64.6 percent of their housing stocks to apartments.

This suggests that young professionals may be drawn to apartments. Apartments may be more affordable to young professionals who are less established in their careers and have lower incomes on average. Apartments may be a better fit for smaller households--as young professionals are tend to be single and without children. Young professionals may also be more transient, staying in cities for a few years at a time rather than putting down roots, so the rental option offered by apartments is appealing.