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 like the Altitude Apartments Los Angeles CA 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
