Move Out of the Basement and to These Places
Whether it's due to housing affordability, student loan debt or failure to launch syndrome, millennials (those born between 1980 and 2000) have been moving back in with mom and dad in large numbers over the last few years. So, for millennials finally ready to move out of their parents' basement, here are 10 of the best cities in the U.S. for millennials ready to relocate.
Millennials looking for a big city with an affordable housing market can consider Nashville, Tennessee. Nashville ranked number 15 in a U.S. News and World Report profile that examined the best places to live based on quality of life and job market. Since Tennessee is one of the few states that doesn't tax wages, residents are able to keep more of their income, although the state does have the Hall tax on investment interest and dividends. Millennials are making these 12 mistakes when buying a home.
The National Association of Realtors notes that Denver ranks as one of the top 10 cities for millennials due to its ability to both attract and retain people looking to relocate. "Job growth looks promising since it is above the average for the 100 largest metro areas," notes the report.
Seattle is ranked in the top 10 in a U.S. News and World Report ranking of the best places to live in 2019. While the cost of housing ranks high, people move to the city for its "close proximity to both the mountains and water," according to the report. Seattle's growing tech industry is also a draw for millennials looking to work in that field. Millennials love these 15 home trends.
If you're moving out of your parents basement, Austin, Texas may be the place for you. Austin ranks third in WalletHub's Best Large Cities to Live in as it rates high in income growth, education, health and quality of life. Plus, the city has a vibrant arts and music scene. It's also more affordable than nearby Houston and Dallas. This is how much the average house costs in each state.
Minneapolis-St. Paul, Minnesota
Minneapolis and St. Paul, Minnesota, otherwise known as the Twin Cities, consistently rank high for quality of life due to housing affordability, the economy and culture. Minneapolis gets the best bike score from WalletHub, while Monster ranks Minneapolis sixth and St. Paul eighth in their list of 35 Best U.S. Cities For Millennials to Live and Work survey. These are the biggest regrets for young, first-time home buyers.
Raleigh, North Carolina
For millennials moving out of Mom and Dad's house, Raleigh, North Carolina has a high quality of life and strong job growth, according to U.S. News and World Report. Raleigh is also a high ranking city for millennials because it has a large tech industry. In fact, the city ranked number one in GeekWire's recent survey of where tech industry staffers would like to live. You can retire in these 22 cities on just $1,500 a month.
The National Association of Realtors notes millennials are moving to Wisconsin, including the city of Madison, at a rapid rate. The association found the city is one of the top destinations for millennials with 75 percent of recent movers being millennials. "In comparison to other areas, Madison offers one of the highest wages for millennials," says Lawrence Yun, NAR's chief economist. "Moreover, this income level combined with the robust employment opportunities and the affordability, make Madison among one of the most appealing locations for millennials who are looking to stay longer and raise families."
Columbia, South Carolina
Columbia, the capital of South Carolina, is gaining more millennials than it is losing, according to a SmartAsset study, and many of those millennials are out-of-staters. According to U.S. News and World Report, the city's population sits at just over 800,000 and the median age is 36. The median home price is just over $144,000. First-time home buyers can get help with these nine grants and programs.
With a high number of food trucks, coffee shops and some of the most popular breweries in the country, it's easy to see why millennials are flocking to Portland, Oregon. The city ranks 10th on Monster's list of the 35 Best U.S. Cities for Millennials to Live and Work. It also ranks high on WalletHub's Best Big Cities to Live in, with high scores in economy, education, health and quality of life. Thinking of buying? Here's the 2019 housing market forecast.
Nebraska may not seem like a popular spot for industrious millennials moving out of their parents' basement, but Omaha ranks high on a Forbes list of Best Cities for Young Entrepreneurs. Omaha has a thriving art, food and craft beer scene, according to Yahoo! Finance and is home to many Fortune 500 companies, such as Berkshire Hathaway, Union Pacific and Mutual of Omaha. These are the 10 most pest-infested cities in America.