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Cleveland, and downtown in particular, has experienced a renaissance of sorts in recent years. Forbes Magazine named downtown Cleveland one of the top emerging downtowns in the U.S. in 2013. Downtown added an impressive 5,500 jobs and $3.5 billion in developments between 2012 and 2014.
Additionally, downtown Cleveland’s residential population has grown 53% since 2000. The downtown housing occupancy rate is 98%, with more than 12,500 people living downtown, the most in six decades. The Downtown Cleveland Alliance predicts that downtown’s population will grow to 23,000 by 2020.
Many of the people moving downtown are highly educated millenials. The number of college educated 25 to 34 year olds living within a three-mile radius of downtown Cleveland doubled between 2000 and 2012. The median age of the downtown Cleveland population is 29 years old; the national median age is 37 years old.
Cleveland’s recent influx of highly educated millennials, specifically those aged 25 to 34, has been so steady that the city now ranks eighth nationally in rate of growth for this demographic.
Cleveland also boasts the fifth fastest growing population of workers with advanced degrees, ahead of such “brain hubs” as Chicago, Seattle, and Austin. Twice as many people move from New York City to Cleveland each year as from Cleveland to New York City.