Texas Continues as Millennial Magnet
The lower cost of living in Texas compared to other major markets, along with increased employment opportunities, creates a magnet for Millennials looking to grow careers and balance work with quality of life.
DALLAS—2017 Census data was recently analyzed to assess US Millennial migration patterns. Texas came in second behind Washington State and Dallas-Fort Worth ranked first of all the cities evaluated.
JLL’s annual “Power of Millennial Money” study takes a look at nearly 50 of the largest US metro areas to see how household incomes of working Millennials in those markets stack up against one another when adjusted for cost of living. This analysis shows which markets provide a greater value for working Millennials. JLL’s research team looked at markets the firm tracks for office stats and other markets with populations of around 1 million to give a fair representation of what’s happening across the country.
The key reasons driving Millennial migration to DFW were job opportunities, affordable housing and quality of life. While job opportunities are critical, affordability directly impacts quality of life and an area’s livability.
“DFW is attracting people from across the state and across the country, thanks in large part to the significant job increases driven by our state’s pro-business fundamentals,” Harrison Burt, JLL associate, tells GlobeSt.com. “North Texas is on the shortlist for companies looking to expand or relocate, and our organic corporate growth is unprecedented. Since 2010, Texas added over a million new residents, the majority of which now call DFW their home. In that timeframe, DFW has added over 900,000 new jobs. In my opinion, Texas, particularly North Texas, is where everyone wants to be.”
Texas rises to the top due to the state’s diverse economies that drive above-average incomes. For example, after adjusting for cost of living, Millennials living in Austin have up to a $9,400 advantage in spending power over the US average.
“Austin continues to raise the bar in our offering to Millennials considering relocating to the Capitol City,” Travis Rogers, JLL senior associate, tells GlobeSt.com. “Austin is where robust economic opportunity intersects a spectrum of lifestyle choices that both younger and older generations have come to desire. Whether you prefer a suit and tie or shorts and flip flops, once you step out of the office and into the city, you’ll feel welcomed in a place like none other. Maybe your passions are music, movies or relaxing on the banks of Barton Springs. Maybe your passions are sports, mountain biking or kayaking on Lady Bird Lake. Rest assured, no matter where your career or passions may lie, Austin has a place for you to grow and thrive.”
Houston also offers employment opportunities across a broad range of industries including energy, healthcare, technology and others.
“In Houston, most Millennials are living their best lives,” Lesa French, JLL vice president, tells GlobeSt.com. “Our low unemployment and favorable cost of living coupled with a competitive business environment and thriving social scene make Houston appealing to young adults new to the workforce and looking to make their marks.”
An even lower cost of living can be found in San Antonio, which also attracts Millennials to its city boundaries.
“San Antonio continues to attract Millennials through varying avenues: armed and medical services, in-migration from South Texas, as well as from states with a higher cost-of-living, university recruitment, and jobs related in the service and tourism industries,” Robert Arzola, JLL vice president, tells GlobeSt.com. “Despite the modest job market for working Millennials in the city, the robust value of the Millennial salary and area-attractions keep them in San Antonio. An average salary of $70,000 for a Millennial in San Antonio feels like $80,000. Employers experience these benefits in a similar fashion as the national average salary for working Millennials is roughly $80,000, as compared to San Antonio’s average salary for the same is $70,000.”
That lower cost of living in Texas overall when compared to other major markets, along with increased employment opportunities, creates a magnet for Millennial households looking to grow careers and balance work with quality of life.