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Austin maintains top spot as a magnet for millennials, says new study

Austin maintains top spot as a magnet for millennials, says new study

Austin City Limits Festival ACL Fest 2017 Weekend Two ACL Fest Frame Jump
Millennials make up more than 20 percent of Austinites. Photo by Shelley Neuman

A new study further cements the Austin area’s status as a millennial mecca. From 2012 to 2017, Austin posted the fifth highest growth rate for the millennial population among U.S. metro areas with at least 1 million residents, according to the study, produced by life insurance agency Haven Life.

Of the 53 metros included in the study, Austin boasted the largest share of residents who are millennials — 20.6 percent.

The Austin figures are no surprise, Haven Life says, “given the plethora of tech jobs, live music events, and outdoor recreation opportunities. The more affordable Austin suburbs offer millennials less expensive homes while still being close to everything Austin has to offer.”

Here are the four metro areas that surpassed Austin's growth rate of the millennial population (19 percent) from 2012 to 2017, according to Haven Life:

  1. Portland, Oregon — 22.8 percent
  2. Seattle — 22.2 percent
  3. Denver — 21.3 percent
  4. San Francisco — 19.2 percent

Haven Life crunched data from the U.S. Census Bureau to come up with the millennial ranking.

“At the metropolitan level, the data shows that millennials tend to live in expensive locales with high wages, home prices, and … cost of living,” Haven Life says. “In these cities, experiences are plentiful, and there are myriad opportunities to form relationships with like-minded people.”

Among other major metros in Texas, the Houston area ranked 11th for growth of the millennial population from 2012 to 2017, at a rate of 14.6 percent, the study shows. Dallas-Fort Worth landed at No. 14, with a millennial growth rate of 13.3 percent, while San Antonio sat one spot behind at No. 15 (11.5 percent).

In terms of the share of millennial residents, Houston came in at 17.9 percent, with San Antonio at 17.7 percent and Dallas at 17.6 percent, according to the study.

Interestingly, Dallas ranked as the most desirable place in the U.S. for millennials in a 2019 survey by Meyers Research LLC, a provider of housing data. Big D was followed by Houston at No. 2 and Austin at No. 3. The top considerations for millennials questioned in the survey were job opportunities, affordability, and lifestyle.