Jun 24, 2019 09:43 AM EDT
Top 5 Cities Millennial Grads Flock to
"Millennials", also known as Generation Y group of people are those born in the year between 1981 and 1996. A book in 2006 entitled "Generation Me" was written by a Psychologist named Jean Twenge describes that Millennials' traits are full of confidence and tolerance. This made them to accomplish great things and able to multitask with ease.
Another attributes that millennials have is the ability to be technological savvy which makes it relevant to its future impact of economic growth and innovation. They are known as the educated generation in history and with this, cities are constantly competing to attract this group.
As a bridge to the future generation, they are facing challenges and opportunities. CityLab analyzed the demographic makeup of millennials for the nation. The assessment includes a study of life assessment, population and the place where they live.
In this study, the individuals with an age of 25 to 34 across the United States with a college degree or more is to be determined from what metropolitan areas attracts them to stay.
William Frey, a Brookings demographer mapped the geography of this specific group of millennials. The important dynamics where you can found lots of millennials is due to high employment rates, beautiful settings and housing markets, educational institutions, tax bases, and labor forces and needs for promoting greater racial and social inclusion.
The top 5 metros for millennial talent are:
1. Boston, MA
2. Madison, WI
3. San Jose, CA
4. San Francisco, CA
5. Washington, D.C.
CityLab ran a basic correlation analysis. They found four key takeaways why Millennials move to cities :
- Millennial talent closely correlates with talent more broadly. The geographic distribution of college-educated millennials is closely associated with the geographic distribution of college-educated adults. The greatest discrepancy is that educated millennials are concentrated in more affluent, high-tech, and culturally vibrant metros than their adult counterparts.
- Educated millennials flock to amenity-rich cities that are not necessarily high in population size or density. These cities have a greater share of commuters walking to work or taking public transportation than traveling alone in a car.
- Educated millennials generally choose cities with greater diversity. There is a positive correlation between concentrations of LGBTQ people and educated millennials, as well as between concentrations of Asian residents. However, there is no significant association between educated millennials and white or black populations, and millennial grads are less likely to inhabit cities with higher Hispanic or Latino populations.
- Millennials with college degrees are also more likely to live in politically liberal cities-cities also laden with wage inequality, economic segregation, and high median housing costs. Among the top 5, Boston and Washington, D.C. are considered to one of the top 15 metro areas that have the biggest homes according to Wikilawn.
The Millennials are a large share of the population. They play a big role from what the future will hold. Marketers should watch their movement patterns based on these factors and considerations for they will make a big difference in the makeup of the United States, including economic and political changes, as well as cultural shifts.
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