For years, Austin has been recognized as a Millennial hot spot among online rankings. With a variety of universities and appealing lifestyle options, it’s no wonder the Live Music Capital is able to attract Millennials from all over to live here. Recently, a study by life insurance agency Haven Life ranks Austin a best city for Millennials. In fact, Austin ranked as the fifth-best city for Millennials.
In the study, researchers for Haven Life looked at 53 U.S. metros to determine which cities had the highest percentage change between 2012 and 2017. Data for the study was collected from the U.S. Census Bureau. Interestingly, the study revealed that large metros with more than 1,000,000 people had a higher percent change in the millennial population while also having a high millennial share of the population.
However, smaller metros don’t reflect the same correlation. So it would appear that Millennials tend to move to locations where there is already a higher concentration of Millennials. This is despite the fact that many of the locations offered higher home prices and cost of living. The information indicates that Millennials prefer to live in areas that are already Millennial magnets despite the increased cost of living there.
A report released with the Haven Life study contained a possible explanation for the results. Researchers attributed the tendency for Millennials to be more apt to spend extra money on a great place to live on their statistical likelihood to put off things like marriage and parenthood.
“Perhaps because millennials have pushed back getting married and starting families, they as a generation are less price-conscious than previous generations. But for millennials starting families, their preferences might align better with historical norms. ‘Like other generations, as millennials have started having families, their housing interests have shifted in unsurprising ways. They want more space and they begin to care more about schools, safe neighborhoods, and access to family-friendly amenities,” said Joey Campbell, director of content for Rent.com and ApartmentGuide.com.
Haven Life also shared this data about Austin:
Austin-Round Rock, TX
- Percentage change in millennial population: 19.0 percent
- Percentage of population that are millennials: 20.6 percent
- Median earnings among millennials: $45,504
- Median home price: $277,517
- Cost of living: 1 percent above average
In the report, Haven Life explained that “Austin is home to the highest percentage of millennials of any large metro. Austin also saw a big increase in its millennial population, which increased by almost 20 percent from 2012 to 2017. This fact is no surprise given the plethora of tech jobs, live music events, and outdoor recreation opportunities. The more affordable Austin suburbs offer millennials less expensive homes while still being close to everything Austin has to offer.”
To learn more about the Austin area and what it has to offer you, reach out to David Brodsky Properties. We’re happy to set up an online home search customized to your needs. Our local real estate strategists are happy to offer useful insight into life in the Austin area. For those who are relocating from another state, all of our agents have experienced relocation so we have the personal experience necessary to help you have a smooth and stress-free relocation.
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