Everyone wants to be an Austinite these days, especially millennials. According to a new report from Apartment List, Austin's millennial population is growing faster than almost anywhere in America.
The real estate website pulled U.S. Census data on millennials, adults ages 18-34, from 2005-2015, and determined Austin's millennial population grew by 16.4 percent, the third highest gain among the 50 largest metros in the country.
Only Charlotte, North Carolina, with a whopping 30.7 percent growth, and Houston, at 17.4 percent, were ahead of Austin. Dallas-Fort Worth and San Antonio grew their millennial populations by 6.7 and 5.8 percent, respectively.
Apartment List found that a surge in millennials corresponded with an increase in median income, as "good jobs and strong wage growth remain a key deciding factor for millennials across the country." In Austin, the median income increased by 9.7 percent, contributing to our status as a top city for young entrepreneurs. A similar trend was seen across Texas' largest cities; Houston (8.4 percent), San Antonio (4.9 percent), and DFW (2.1 percent) all saw income growth.
But as the median income went up, the homeownership rate among millennials went down. Austin experienced a 6.5 percent decrease, on par with the nationwide decline of 7 percent. There were also drops in San Antonio (9.2 percent), DFW (7.6 percent), and Houston (5.6 percent). Apartment List found that in Austin millennials need to save for 10 years to afford a home.
Despite these struggles, the Lone Star State boasts burgeoning hot spots for young Americans. "San Francisco, Seattle, and Denver tend to dominate discussions about where millennials are moving to," says the report. "Further examination, however, reveals that there are other metros that are attractive as well, especially in Texas."