- Millennials still favor big metro areas like New York City and San Francisco, but they’re increasingly attracted to up-and-coming cities like Raleigh and Louisville, according to a MagnifyMoney report.
- MagnifyMoney ranked the biggest boomtowns in America for millennials based on the 50 largest metros.
- These cities have seen higher wages, a decrease in unemployment, and a growing millennial population.
New York City may no longer reign supreme when it comes to the top cities millennials are settling in, but it’s still a boomtown for the generation.
Other big metro areas like San Francisco and Washington, DC, are also millennial hotspots, but so too are more up-and-coming cities like Raleigh, North Carolina, and Louisville, Kentucky, both of which are more popular than DC and New York.
That’s according to a report by MagnifyMoney, which ranked the biggest boomtowns in America for millennials.
Using data from the US Census, MagnifyMoney looked at growth in the 50 largest metropolitan areas between 2011 and 2016 for four metrics: population, labor force, employment, and median wages. The first three metrics were analyzed based on people aged 20-29, while the fourth was based on those born between 1981 and 1991. By limiting the study to this subset of millennials, who were approximately between the ages of 20 and 30 in 2011, this avoids the inclusion of working statistics of high schoolers.
Each category was scored relative to other metros, looking at positive and negative changes in the area. The biggest positive change scored a 100, with the exception of unemployment rate, which was reversed. To calculate the final score, the metric scores were added up and divided by four.
See below for the 25 biggest millennial boomtowns that have seen higher wages, a decrease in unemployment, and a growing millennial population.
25. Salt Lake City, Utah
Increase in millennial population: 6.5%
Increase in median wages: 15.4%
Decrease in unemployment rate: -42.8%
24. Memphis, Tennessee
Increase in millennial population: -0.7%
Increase in median wages: 30.2%
Decrease in unemployment rate: -40.6%
23. New York City, New York
Increase in millennial population: 6.2%
Increase in median wages: 13.6%
Decrease in unemployment rate: -35.8%
22. Houston, Texas
Increase in millennial population: 12.2%
Increase in median wages: 3.1%
Decrease in unemployment rate: -33.5%
21. Detroit, Michigan
Increase in millennial population: -2.2%
Increase in median wages: 30.2%
Decrease in unemployment rate: -42.9%
20. Indianapolis, Indiana
Increase in millennial population: 6.8%
Increase in median wages: -37.1%
Decrease in unemployment rate: 16%
19. Kansas City, Missouri
Increase in millennial population: 5.3%
Increase in median wages: -41%
Decrease in unemployment rate: 17.3%
18. Washington, DC
Increase in millennial population: 11.8%
Increase in median wages: -1.0%
Decrease in unemployment rate: -38%
17. Columbus, Ohio
Increase in millennial population: 6.4%
Increase in median wages: 10.4%
Decrease in unemployment rate: -45.7%
16. Boston, Massachusetts
Increase in millennial population: 6.6%
Increase in median wages: 16.4%
Decrease in unemployment rate: -41%
15. Minneapolis, Minnesota
Increase in millennial population: 5.1%
Increase in median wages: -44.4%
Decrease in unemployment rate: 16%
14. Louisville, Kentucky
Increase in millennial population: 4.9%
Increase in median wages: 25.9%
Decrease in unemployment rate: -40.5%
13. Atlanta, Georgia
Increase in millennial population: 7.2%
Increase in median wages: 21.4%
Decrease in unemployment rate: -39.7%
12. Charlotte, North Carolina
Increase in millennial population: 9.9%
Increase in median wages: 14.5%
Decrease in unemployment rate: -38.3%
11. New Orleans, Louisiana
Increase in millennial population: 9.3%
Increase in median wages: 27.2%
Decrease in unemployment rate: -28.1%
10. Dallas, Texas
Increase in millennial population: 9.4%
Increase in median wages: 14.8%
Decrease in unemployment rate: -42.3%
9. Oklahoma City, Oklahoma
Increase in millennial population: 8.2%
Increase in median wages: 33.6%
Decrease in unemployment rate: -40.3%
8. Seattle, Washington
Increase in millennial population: 14.4%
Increase in median wages: 15.4%
Decrease in unemployment rate: -40.6%
7. Portland, Oregon
Increase in millennial population: 11.3%
Increase in median wages: 28.3%
Decrease in unemployment rate: -40.3%
6. Raleigh, North Carolina
Increase in millennial population: 12.7%
Increase in median wages: 22.7%
Decrease in unemployment rate: -39%
5. San Jose, California
Increase in millennial population: 13.3%
Increase in median wages: 25.9%
Decrease in unemployment rate: -37.2%
4. Nashville, Tennessee
Increase in millennial population: 11.4%
Increase in median wages: 30.4%
Decrease in unemployment rate: -48.1%
3. Austin, Texas
Increase in millennial population: 17.5%
Increase in median wages: 21.7%
Decrease in unemployment rate: -45.1%
2. Denver, Colorado
Increase in millennial population: 18.7%
Increase in median wages: 13.1%
Decrease in unemployment rate: -46.3%
1. San Francisco, California
Increase in millennial population: 16.2%
Increase in median wages: 32.4%
Decrease in unemployment rate: -40.3%