Home > Personal Finance > 5 Great Cities for Millennials

Comments 0 Comments

Millennials have a reputation for being poor savers and impulsive buyers. The truth is most Millennials have a higher level of financial literacy than most people realize.

One report shows one in six Millennials have over $100,000 in savings. That alone should tell you that a good percentage of the “digital generation” is more conscious about their finances.

There is also other research indicating that a vast majority of Millennials are turning towards renting houses, apartments, and condos as opposed to purchasing real estate.

Because home prices are increasing, renting is more convenient.

Not only that, but Millennials are constantly looking for better job prospects, and are often willing to move across the country if an opportunity seems promising. This is another reason to rent. If you’re a Millennial looking to settle down though, then we’ve outlined some of the best cities for jobs and housing for you.

The Best Cities for Jobs and Housing for Millennials

Millennials out looking for good jobs and affordable housing should consider heading south. Some great locations for Millennials can be found in southern states. These cities include the following:

  • Fort Worth, Texas
  • Jacksonville, Florida
  • Charlotte-Concord-Gastonia, North Carolina
  • Grand Rapids-Wyoming, Michigan
  • Oklahoma City

According to a Housing and Mortgage Review report released by Arch MI, these cities have the most favorable conditions for Millennials. Fort Worth, Texas leads the pack as the most promising location. The main reasons include a growing job market – there was a 2.7% leap. There are also more affordable housing options in this area. The median-priced housing available in Fort Worth, Texas stands at 27% of a family’s income while the rest of the country stands at 31%.

The other cities also bring a lot to the table. For example, Jacksonville has enjoyed the most job growth (3%) of the five cities mentioned. Oklahoma City has seen the smallest jump in housing prices – a 4.6% difference year after year.

The same report shows that states such as Texas, West Virginia, and Alaska have the best odds of seeing lower home prices in the future. It is important to note that even though these cities have the best home prices now, other locations are also enjoying favorable prices. A good rule of thumb to live by is to never spend more than 30% of your income on your mortgage or rent.

How to Find Cheap Houses to Buy No Matter Where You Are

Assuming that you already have good credit and a good job, you can likely find affordable housing in your area. Here are some tricks to find the best pricing on housing in your area:

  • Consider fixer-uppers: there is a reason why this method is so popular; it is one of the most affordable ways to buy a home. In many cases, doing renovations can cost less than buying a new home. These renovations also add value, so if you do sell, you’ll probably see a return on your investment. Don’t be afraid to consider a fixer-upper. It’s cheaper, and fixing it up could actually be really fun!
  • Look at cities that were hit hard during the housing market crash of 2008: consider cities like Miami, Detroit, Las Vegas, Tampa, and Orlando. These cities were hit particularly hard by the housing market crash of 2008. Some of these cities haven’t fully recovered from the shock so the home prices may be more reasonable than in other parts of the country. This may be a good option if you want to stay in a more urban area.

If cost plays an important role in your decision to buy a home, you may be better off considering locations that are 30-40 minutes outside the city. Housing in these areas usually costs less, and you’ll probably be able to get more square footage.

  • Consider foreclosed homes: it’s unfortunate that foreclosures happen, but these properties can be extremely cheap. If you’re considering this, be aware that previous owners may have trashed the house. This essentially turns the property into a fixer-upper as opposed to a move-in ready home.
  • Consider less expensive types of houses: white picket fences and neighborhoods with homeowner associations may be ideal. Sometimes these places are more expensive because of homeowner’s association fees. Instead, Millennials may want to consider other types of housing. Homes in rural areas for example, tend to be cheaper.

Finding the right house and find the right job can be difficult. It takes preparation and expert research. The above-mentioned cities are ranked the best places for Millennials looking for excellent job prospects and home prices. With the right kind of attitude though, you can find a home or a job that suits you anywhere.

Comments on articles and responses to those comments are not provided or commissioned by a bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by a bank advertiser. It is not a bank advertiser's responsibility to ensure all posts and/or questions are answered.

Please note that our comments are moderated, so it may take a little time before you see them on the page. Thanks for your patience.

Credit.com receives compensation for the financial products and services advertised on this site if our users apply for and sign up for any of them.

Hello, Reader!

Thanks for checking out Credit.com. We hope you find the site and the journalism we produce useful. We wanted to take some time to tell you a bit about ourselves.

Our People

The Credit.com editorial team is staffed by a team of editors and reporters, each with many years of financial reporting experience. We’ve worked for places like the New York Times, American Banker, Frontline, TheStreet.com, Business Insider, ABC News, NBC News, CNBC and many others. We also employ a few freelancers and more than 50 contributors (these are typically subject matter experts from the worlds of finance, academia, politics, business and elsewhere).

Our Reporting

We take great pains to ensure that the articles, video and graphics you see on Credit.com are thoroughly reported and fact-checked. Each story is read by two separate editors, and we adhere to the highest editorial standards. We’re not perfect, however, and if you see something that you think is wrong, please email us at editorial team [at] credit [dot] com,

The Credit.com editorial team is committed to providing our readers and viewers with sound, well-reported and understandable information designed to inform and empower. We won’t tell you what to do. We will, however, do our best to explain the consequences of various actions, thereby arming you with the information you need to make decisions that are in your best interests. We also write about things relating to money and finance we think are interesting and want to share.

In addition to appearing on Credit.com, our articles are syndicated to dozens of other news sites. We have more than 100 partners, including MSN, ABC News, CBS News, Yahoo, Marketwatch, Scripps, Money Magazine and many others. This network operates similarly to the Associated Press or Reuters, except we focus almost exclusively on issues relating to personal finance. These are not advertorial or paid placements, rather we provide these articles to our partners in most cases for free. These relationships create more awareness of Credit.com in general and they result in more traffic to us as well.

Our Business Model

Credit.com’s journalism is largely supported by an e-commerce business model. Rather than rely on revenue from display ad impressions, Credit.com maintains a financial marketplace separate from its editorial pages. When someone navigates to those pages, and applies for a credit card, for example, Credit.com will get paid what is essentially a finder’s fee if that person ends up getting the card. That doesn’t mean, however, that our editorial decisions are informed by the products available in our marketplace. The editorial team chooses what to write about and how to write about it independently of the decisions and priorities of the business side of the company. In fact, we maintain a strict and important firewall between the editorial and business departments. Our mission as journalists is to serve the reader, not the advertiser. In that sense, we are no different from any other news organization that is supported by ad revenue.

Visitors to Credit.com are also able to register for a free Credit.com account, which gives them access to a tool called The Credit Report Card. This tool provides users with two free credit scores and a breakdown of the information in their Experian credit report, updated twice monthly. Again, this tool is entirely free, and we mention that frequently in our articles, because we think that it’s a good thing for users to have access to data like this. Separate from its educational value, there is also a business angle to the Credit Report Card. Registered users can be matched with products and services for which they are most likely to qualify. In other words, if you register and you find that your credit is less than stellar, Credit.com won’t recommend a high-end platinum credit card that requires an excellent credit score You’d likely get rejected, and that’s no good for you or Credit.com. You’d be no closer to getting a product you need, there’d be a wasted inquiry on your credit report, and Credit.com wouldn’t get paid. These are essentially what are commonly referred to as "targeted ads" in the world of the Internet. Despite all of this, however, even if you never apply for any product, the Credit Report Card will remain free, and none of this will impact how the editorial team reports on credit and credit scores.

Your Stories

Lastly, much of what we do is informed by our own experiences as well as the experiences of our readers. We want to tell your stories if you’re interested in sharing them. Please email us at story ideas [at] credit [dot] com with ideas or visit us on Facebook or Twitter.

Thanks for stopping by.

- The Credit.com Editorial Team