Where Are Millennials Flocking?
Millennials dominate the conversation about the future workplace. Not since the Baby Boomers has a generation made such a strong impact on the world. The 20- to 34-year-olds are defining not only the way companies operate, but where they locate and even how they’re building. The biggest surprise may be where they want to be.
Texas Leads The Way
It may be shocking to the folks on the coasts to learn that Millennials want to be in Texas, which takes four of the top 10 spots. Among the cities where they have the largest concentrations (according to Moody’s Analytics), Austin is No. 1 (with Millennials making up 24.7% of its population), San Antonio comes in fourth (22.2%), followed by Houston (22.1%) at fifth and Dallas-Fort Worth (21.4%) at seventh. Dallas-based PegasusAblon principal Mike Ablon says Millennials—especially fresh college grads—are picking where they want to live first and, then, the jobs follow. This up-and-coming workforce is more about life-work balance than simply about their careers, he says.
Why Austin Ranks No. 1
Millennials love Austin for all it has to offer. (We promise we’re not getting a kickback from the Chamber of Commerce.) It’s the live music capital of the world, has a walkable downtown, and is home to the HQ for organic and natural foods retailer Whole Foods as well as major hubs for Dell, Apple and Google. It's home to the University of Texas, which is the fifth-largest university in the country with more than 50,000 students. The city is green (we’re talking sustainable living) and the outdoor activities are plentiful. Plus, compared to California or New York, the cost of living is affordable.
The Rest of the Top 10
Rounding out the top 10 concentrations of Millennials are the usual suspects: San Diego (24.5%), LA (22.8%), Washington, DC (22.1%), New York City (21.4%), Chicago (21.2%) and Boston (21.8%). Millennials love cities with an urban environment and high walkability; that’s why Dallas is creeping higher up the list, says Downtown Dallas Inc EVP Kourtny Garrett. Money magazine cites a White House report that Millennials are the most likely group to move into midsized cities (boosting Austin, San Antonio and San Diego). The report also shows the number of young people living in such cities was 5% higher compared with 30 years prior. This generation watched their Baby Boomer parents consumed by their careers, which leads them to want more work-life balance. They want to wear jeans to work and not shave every day. They also watched their parents striving for the American Dream and losing their homes during the Great Recession and they’re not eager to repeat that.
