San Jose is the top market for millennials looking to relocate, according to a new analysis from CommercialCafe.
The metro shifted up from tenth place last year to first place and boasts the highest median earnings for millennial households at $150,806 per year — $17,000 more than those in the San Francisco metro and $44,145 more than in Boston. And approximately 61% of San Jose millennials hold bachelor’s degrees or higher, a metric only Boston and San Francisco come close to matching. Unemployment also remains low in the region at 2.5% as of March, according to Bureau of Labor Statistics numbers.
Austin came in second on CommercialCafe’s study, with 17.4% of residents being part of the millennial cohort – the top spot for share of millennials within its total population. Seattle came in third, with the largest change in the overall millennial population: the number of residents within that age group jumped by 13.7%. According to CommercialCafe, an additional 80,000 millennials chose to make the city their home between 2016 and 2020.
Salt Lake City clocked in at #4, nabbing the top spot for the unemployment rate metric (2.1%) and the second spot for the number of millennials with employer-based health insurance. Salt Lake also performed better than northern California for its share of millennial residents within the overall population. According to most recent estimates, 16.4% of people living in Salt Lake City were millennials.
San Francisco rounded out the top five, gaining kudos for its second-highest median millennial household earnings, followed by Denver, which also came in second for the largest growth in its millennial population and third place for the highest percentage of millennials within the total population.