Millennials are approaching their prime earning years. However, they are faced with several challenges such as increasing indebtedness to student loans, sky-rocketing housing costs and the possibility of another wave of recession. These factors have seemingly limited their propensity to get the high paying jobs that they have constantly fantasized about during their days in colleges. With Millennials becoming the dominant generation presently in the USA, they are becoming an economic force to contend with.

Clever, a real estate website released a study indicating that 84% of Millennials are of the opinion that owning a home is part of the American Dream. When pushed to list their likely option of cities they aim to own homes, Rochester, New York came first. However, owing to the low-income that Millennials are currently faced with, many of them are beginning to see the reality of the situation, and are opting for more affordable cities. To make matter worse, New York does not augur well for the Millennials if we factor in the lowly job expectancy score Rochester got a lowly 51.

Suddenly, New York does not appeal to them anymore, despite the boom associated with it. While it is safe to assume that the alternative destination of Millenials would be other metro cities like Washington DC or perhaps San Francisco, relatively smaller cities seem to melt their hearts. In fact, Louisville seemed to take in more Millennials than New York these days. Conversely, available data from MagnifyMoney indicate that Raleigh, North Carolina too is having some headway as likely destination for Millennials.

What determines the best cities for Millennials is not the boisterousness; rather it is the propensity to find the best-paying jobs that will result in a secure financial future. Researchers at fabric, a Brooklyn-based company embarked on a study to identify the best-paying cities for Millennials. The metrics put into consideration included cost of living, job availability, earning scale. Their study revealed the following large metropolitan areas as the 15 highest paying metros for Millennials:

  1. San jose – Sunnyvale- Santa Clara, CA
  2. San Francisco –Oakland – Hayward, CA
  3. Boston- Cambridge- Newton, MA-NH
  4. Hartford- West Harford- East Harford, CT
  5. Seattle – Tacoma – Bellevue, WA
  6. Washington – Arlington – Alexandria, DC – VA – MD
  7. Milwaukee – Waukesha – West Allis, WI
  8. Minneapolis-St. Paul-Bloomington, MN-WI
  9. Columbus, OH
  10. Birmingham-Hoover, AL
  11. Baltimore-Columbia-Towson, MD
  12. Raleigh, NC
  13. Pittsburgh, PA
  14. Cincinnati, OH-KY-IN
  15. Austin-Round Rock, TX

In parallel research, MagnifyMoney, making use of date from US census identified the largest metropolitan areas in order to determine which one holds the best option for Millennials. By making use of four metrics; population, median wages, employment and labour force, adding it together and finding the average, they picked the following 15 countries as the biggest boomtowns for Millennials:

1-    San Francisco, California

2-    Denver, Colorado

3-    Austin, Texas

4-    Nashville, Tennessee

5-    San Jose, California

6-    Raleigh, North Carolina

7-    Portland, Oregon

8-    Seattle, Washington

9-    Oklahoma City, Oklahoma

10- Dallas, Texas

11- New Orleans, Louisiana

12- Charlotte, North Carolina

13- Atlanta, Georgia

14- Louisville, Kentucky

15- Minneapolis, Minnesota

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