The rapid growth of Atlanta’s population is expected to put the city at nearly 500,000 sometime this year, and one of the fastest growing areas of the city is the revitalized Midtown core, according to a new report by the nonprofit organization Midtown Alliance.

The study, the first in a three-part series, notes that population growth in Midtown is five times that of the city.

The population of Midtown has grown from 9,453 in 2000 to 17,124 in 2019. That has pushed Midtown’s share of the Atlanta population from 2.3 percent to 3.6 percent.

The area has also experienced a boom in residential construction over the last 20 years, according to the report.

A little over 5 million square feet of residential space was built in Midtown from 2000 to 2010, and 9.9 million was added over the next decade. That’s compared to 1.7 million square feet of residential built in Midtown in the 1990s and 666,205 square feet built in the ‘80s.

Who’s living in Midtown now? Mainly young people, according to the study, which shows that 42 percent of Midtown residents are millennials, 32 percent are Gen Xers, 15 percent are baby boomers, 8 percent are Gen Z and 2 percent are silent generation.

In the city of Atlanta, Gen Z makes up the largest portion of the population at 28 percent, followed by millennials at 26 percent, Gen X at 24 percent, baby boomers at 17 percent, silent generation at 4 percent and greatest generation at 1 percent.

The study added that 80 percent of households in Midtown earn more than $50,000 a year; 77 percent have a 4-year degree, and 40 percent an advanced degree; and the combined population spend $359 million on retail good annually.