Around this time every year a new crop of college graduates sets its sites on jobs across the country and, for many, life in an entirely new city. Around the same time, recent grads who signed and re-signed leases the previous year weigh the pros and cons of staying put versus moving to a new city or neighborhood for better pay, cheaper rent, and a host of other factors that enter the where-to-live decision-making process.
Generations of young professionals have sought–and continue to covet–first jobs in places like New York and Washington, D.C., but as the job market remains uncertain and the cost of living continues to rise, many young people are now considering cities for reasons beyond their traditional cache.
To create this ranking of the 25 Best Cities and Neighborhoods for Millennials, Niche.com analyzed the data of cities and metro areas with one million residents or more from the U.S. Census, FBI, and surveys of nearly half a million college students and graduates from over the past four years. Factors examined include percentage of the population identified as millennials (ages 25 to 34), median income, education level, and racial diversity.
The ranking also favors lower median rents, unemployment rates, and crime rates. Within cities, a similar subset of factors was used to determine the best neighborhood for millennials. User-generated survey data contributed on factors like nightlife, cultural attractions, shopping, and professional sports was also taken into consideration.
“The economic climate right now is difficult for recent college grads,” says Niche.com Director of Business Development Mark Tressler. “With a ranking like this we’re combining the fun stuff with more practical things like safety and the unemployment rate. It’s a good balance of what you need to think about when you’re starting to get serious about life beyond college.”
Senior Director, Coldwell Banker New Homes Division
With over 200 condominium, townhome and loft projects successfully marketed
“Fewer properties for sale with such remarkably low interest rates make it a great time to sell but a more difficult time to buy”