You may have noticed that younger people are no longer jumping at the opportunity to move to the big city. We all grew up with the dream of going somewhere and “making it.” But now, you don’t have to be in a metropolitan area to find a well-paying job. So, Millennials are moving to suburbs just outside the city and enjoying the amenities without all of the hustle and bustle.
Millennials are moving away from metropolitan areas.
Cities such as New York, Chicago, and Los Angeles are seeing their younger population diminish. Rent is too expensive, the cost of living is too high, and the job market is no longer significantly better than in smaller cities. That’s why we are seeing an influx of younger people to smaller cities like Bellevue, Washington; Austin, Texas; and Nashville, Tennessee. Not only are these places close enough to an urban area where they can still find stuff to do, but they have a significantly cheaper cost of living.
Avoiding state income tax
What else do all of these new cities have in common? Well, none of them have to pay state income taxes. With Millennials reaching their mid-thirties, they are getting ready to settle down and raise their families. And no one wants to cram their kids, or pets, or whoever they have in their home into an expensive apartment.
Ditching harsh climates
Millennials looking to settle down long-term are also taking into account the climate of where they are living. Instead of dealing with all four seasons in the Northeast, crowds of younger people are taking up residents in the South and the West. There, they can enjoy the sunshine, avoid income taxes, have a house with a lawn, and begin to start their families.