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I'm not sure of the indicators that determined this list, but one prime measure that does not seem to be considered is housing affordability, for which many of these cities are lacking. Yes, you can get by fine by cramming several people into an apartment, but that is not sustainable forever.
For Millennials like myself who are looking to build up equity in the near future with a home purchase (even with a dual income household) your options for a modernized single-family home in a good school district and desirable neighborhood at a price that would not leave you cost-burdened (i.e., greater than 30% of your income [at around the median household income for the region]) in cities like New York, DC, Boston and San Francisco are pretty slim.
Hence, this list may be appropriate for the younger-end of Millenials just starting out, but for the older-end of Millenials looking to settle down I am extremely skeptical.
I'm not sure of the indicators that determined this list, but one prime measure that does not seem to be considered is housing affordability, for which many of these cities are lacking. Yes, you can get by fine by cramming several people into an apartment, but that is not sustainable forever.
For Millennials like myself who are looking to build up equity in the near future with a home purchase (even with a dual income household) your options for a modernized single-family home in a good school district and desirable neighborhood at a price that would not leave you cost-burdened (i.e., greater than 30% of your income) in cities like New York, DC, Boston and San Francisco are pretty slim.
Hence, this list may be appropriate for the younger-end of Millenials just starting out, for the older end of Millenials looking to settle down, I am extremely skeptical.
I most definitely agree with this as a millenial homeowner .
I'd rather save the money I would be spending on rent/housing in a more expensive city on travel-and I don't see that changing anytime soon.
1.) New York,NY
2.) Austin, Texas
3.) Washington DC
4.) Chicago, Il
5.) San Francisco, CA
6.) Boston, MA
7.) Denver, CO
8.) Forth Worth, Texas
9.) Minnespolis-St. Paul
10.) San Diego, CA
Here is the disposable income for these cities after paying the median rent and making the median income according to that website. I thought it was very interesting which cities median income and rent was the most affordable. I expected Dallas and Austin to be higher. This also explains the retail explosion in Washington D.C. going on right now. Enjoy!
Based on Disposable Income after rent each year:
1.) Washington DC
Median Income: $42,226
12 Month Median Rent: $16,236 ($1,353 a month)
Disposable Income After Rent: $25,990
2.) Minnespolis-St. Paul
Median Income: $33,511
12 Month Median Rent: $10,368 ($864 a month)
Disposable Income After Rent: $23,143
3.) Denver, CO
Median Income: $32,422
12 Month Median Rent: $10,824 ($902 a month)
Disposable Income After Rent: $21,598
4.) San Francisco, CA
Median Income: $36,119
12 Month Median Rent: $16,128 ($1,344 a month)
Disposable Income After Rent: $19,991
5.) Boston, MA
Median Income: $33,659
12 Month Median Rent: $13,956 ($1,163 a month)
Disposable Income After Rent: $19,703
6.) Austin, Texas
Median Income: $30,816
12 Month Median Rent: $11,232 ($936 a month)
Disposable Income After Rent: $19,584
7.) Dallas-Forth Worth, Texas
Median Income: $29,830
12 Month Median Rent: $10,488 ($874 a month)
Disposable Income After Rent: $19,342
8.) Chicago, Il
Median Income: $30,061
12 Month Median Rent: $11,172 ($931 a month)
Disposable Income After Rent: $18,889
9.) New York,NY
Median Income: $31,703
12 Month Median Rent: $13,884 ($1,157 a month)
Disposable Income After Rent: $17,819
10.) San Diego, CA
Median Income: $30,196
12 Month Median Rent: $15,132 ($1,261 a month)
Disposable Income After Rent: $15,064
Here is the disposable income for these cities after paying the median rent and making the median income according to that website. I thought it was very interesting which cities median income and rent was the most affordable. I expected Dallas and Austin to be higher. This also explains the retail explosion in Washington D.C. going on right now. Enjoy!
Based on Disposable Income after rent each year:
1.) Washington DC
Median Income: $42,226
12 Month Median Rent: $16,236 ($1,353 a month)
Disposable Income After Rent: $25,990
2.) Minnespolis-St. Paul
Median Income: $33,511
12 Month Median Rent: $10,368 ($864 a month)
Disposable Income After Rent: $23,143
3.) Denver, CO
Median Income: $32,422
12 Month Median Rent: $10,824 ($902 a month)
Disposable Income After Rent: $21,598
4.) San Francisco, CA
Median Income: $36,119
12 Month Median Rent: $16,128 ($1,344 a month)
Disposable Income After Rent: $19,991
5.) Boston, MA
Median Income: $33,659
12 Month Median Rent: $13,956 ($1,163 a month)
Disposable Income After Rent: $19,703
6.) Austin, Texas
Median Income: $30,816
12 Month Median Rent: $11,232 ($936 a month)
Disposable Income After Rent: $19,584
7.) Dallas-Forth Worth, Texas
Median Income: $29,830
12 Month Median Rent: $10,488 ($874 a month)
Disposable Income After Rent: $19,342
8.) Chicago, Il
Median Income: $30,061
12 Month Median Rent: $11,172 ($931 a month)
Disposable Income After Rent: $18,889
9.) New York,NY
Median Income: $31,703
12 Month Median Rent: $13,884 ($1,157 a month)
Disposable Income After Rent: $17,819
10.) San Diego, CA
Median Income: $30,196
12 Month Median Rent: $15,132 ($1,261 a month)
Disposable Income After Rent: $15,064
Being that DC is so small, does it get boring fast? Would it be strange if someone by now hasn't explored the entire city?
I think someone told me DC is the same size as Brooklyn. I've been to DC before but only for a day. I'm always exclusively in Princes George's county.
Being that DC is so small, does it get boring fast? Would it be strange if someone by now hasn't explored the entire city?
I think someone told me DC is the same size as Brooklyn. I've been to DC before but only for a day. I'm always exclusively in Princes George's county.
Well D.C. (61.4 sq. mile's) is bigger than Paris (40.7 sq. mile's), San Fran (46.8 sq. mile's), Boston (48.4 sq. mile's), and is about the same size as Amsterdame (64 sq. mile's). Have you been to any of those cities?
How is LA not on the list? Agreed with AUS, DEN, and SFO. SAN has a true lack of jobs. If you can settle there, you got it made but most from college stayed in LA.
Most people I know my age in NYC are looking to get out to more manageable cities. Austin is definitely one of them.
Hence, this list may be appropriate for the younger-end of Millenials just starting out, but for the older-end of Millenials looking to settle down I am extremely skeptical.
I'd think it would be the reverse. Younger Millenials are facing...
-More competitive college admissions process
-More competitive grad/professional school admissions process
-Tighter, more competitive job market
-Higher tuition
-Lower real wages
Most people don't have that kind of money just sitting around in a bank account. And if you can't pay, colleges just say "Oh well." Granted, there are less prestigious and cheaper colleges than the aforementioned, but those kids generally don't get jobs in New York or San Francisco. Even the kids who go to these types of schools often find themselves fighting for low-paying or unpaid internship positions after college.
Well D.C. (61.4 sq. mile's) is bigger than Paris (40.7 sq. mile's), San Fran (46.8 sq. mile's), Boston (48.4 sq. mile's), and is about the same size as Amsterdame (64 sq. mile's). Have you been to any of those cities?
DC gets old way faster than Paris. That's not a good comparison. DC is also nearly 3 times the size of Manhattan. Which one do you think you'll run out of stuff to do in first?
How is LA not on the list? Agreed with AUS, DEN, and SFO. SAN has a true lack of jobs. If you can settle there, you got it made but most from college stayed in LA.
Most people I know my age in NYC are looking to get out to more manageable cities. Austin is definitely one of them.
I'm not surprised that it's not on the list. Is expensive, not (mainstream) trendy and large contingents of the country look down on it in order to keep up their own unjustified superiority complexes.
Does it belong on the list? Eh, probably not but even if it did (does) you'd probably never see on the list anyways.
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