Niche Ink, a site that analyzes education data, has declared Palms to be the best place in Los Angeles for Millennials. (LA ranked seventeenth on the list of best metros, though.) In order to find the optimal areas for youngs, Niche used data including median rent and income from the Census's American Communities Survey, as well as FBI crime stats and "proprietary Niche rankings" from surveys of college students and grads on things like nightlife and best places to live after graduation.
Once the city list was compiled, Niche broke down neighborhoods, again according to median rent (lower rent being better, of course) and income, the percentage of 25- to 34-year-olds living in the area, and the percentage of residents with bachelor's degrees. (The ACS's median rent includes units of all sizes and ranges from 2008 to 2012, so the estimates probably look lower than what most would expect to pay today.)
After all that, Palms, despite its high rents, was declared the number one area in LA for young people. It's not surprising when you consider where the young already are: Palms is popular with students (grads and under grads) from UCLA and LMU, so it makes sense that Millennials looking to keep that college feel alive and surround themselves with other struggling young folks (and others who are doing quite well too) flock here.
· The 25 Best Cities and Neighborhoods for Millennials [Niche Ink]