As Millennials continue to join the workforce in droves, companies have learned that these 20-somethings are a complicated bunch. Not much is black and white for them: sometimes they opt for flexibility over higher pay, they like change and movement and they want to live in an urban environment rather than stake a claim in the 'burbs with a white picket fence. As we continue to understand what makes a Millennial tick, there are some cities that have a handle on how to attract them — and get them to work.
Here are five urban areas that claim the top market for Millennials, according to a recent report from Nielson:
1. Austin, TX — Percent of U.S. Millennials: 16
- Metro Population: 1,889,700
- Major Industries: Technology, pharmaceutical, biotechnology
- Median Household Income: $58,932
- Median Home Price: $221,600
- Unemployment: 4.3%
- Job Growth (2013): 4.6%
- Cost of Living: 10.1% above national average
- Largest Employers: Dell, Freescale Semiconductor, IBM, Apple, AT&T
- Fastest Growing Companies: Simpler Trading, Main Street Hub, Phunware
2. Salt Lake City, UT — Percent of U.S. Millennials: 15
- Metro Population: 1,181,300
- Major Industries: Tourism, health care, transportation
- Median Household Income: $61,451
- Median Home Price: $237,600
- Unemployment: 3.6%
- Job Growth (2013): 3.0%
- Cost of Living: 3.2% above national average
- Largest Employers: Delta Airlines, Qwest Communications, Novus
- Fastest Growing Companies: Goal Zero, Equinox Business Solutions, VRx
3. San Diego, CA — Percent of U.S. Millennials: 15
- Metro Population: 3,222,600
- Major Industries: Defense, tourism, technology
- Median Household Income: $63,925
- Median Home Price: $460,600
- Unemployment: 6.5%
- Job Growth (2013): 2.6%
- Cost of Living: 22.8% above national average
- Largest Employers: AT&T, Cox Communications, Qualcomm
- Fastest Growing Companies: Multifamily Utility, PhotoBin, Paradigm Mechanical
4. Los Angeles, CA — Percent of U.S. Millennials: 14
- Metro Population: 10,058,600
- Major Industries: Entertainment, aerospace, tourism, technology
- Median Household Income: $55,145
- Median Home Price: $397,300
- Unemployment: 8.2%
- Job Growth (2013): 2.7%
- Cost of Living: 18.7% above national average
- Largest Employers: Target, Bank of America, Walt Disney, Home Depot
- Fastest Growing Companies: Fuhu, Quest Nutrition, American Solar Direct
5. Denver, CO — Percent of U.S. Millennials: 14
- Metro Population: 2,687,300
- Major Industries: Aerospace, telecommunications, technology
- Median Household Income: $62,222
- Median Home Price: $278,400
- Unemployment: 5.7%
- Job Growth (2013): 3.6%
- Cost of Living: 6.5% above national average
- Largest Employers: HealthONE, Comcast, United Airlines, IBM
- Fastest Growing Companies: LED Supply, Stoneside Blinds & Shades, Phidiax
Images via Canstock Photo
