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I'm perhaps not so young now. Turned 33 today actually
When I was younger I experienced both big city living and smaller city living, both in the burbs and in the core. I much preferred the urban core and the big city. For your question, I see those items as two separate considerations.
Big city living: This attracts me because I love all the amenities available. Not just the big attractions but the little niche things as well. But mainly, and I understand this is not universal but it's certainly not too unique to me, I love the energy that comes with dense, vibrant, settings and efficient public transit, etc. It just gives me an extra boost when I am going about my day.
Urban core: In Jax I have lived in the urban core for about 3 years now. Jax does not boast of a vibrant or energetic core like many other midsized cities. Yet the difference for me, even in Jax, is stark. Being where we are we love to walk to restaurants, theaters, stores, and parks and we do so several times a week. On top of that, we just go for walks (with our little kid) once or twice a day and it is so much more enjoyable to do it in our neighborhood where we will generally see hundreds of other people out and about. When we are at my parents' gated community in the burbs we still like taking him for his walks but it's not at all as exciting.
Anyway, now that I am married and have a young toddler I do sense that my preference for big city or urban core living (though still strong) is less than it used to be. If we were struggling financially I think it would become far easier to opt for comfort in a cheaper area than toughing it out in a more exciting setting.
For some people their identity is tied to the 'prestige' of where they live. For them living in a big or well known city makes them feel better about themselves. You see it on here all the time.
They're drawn to cities because they are immortal and fearless (like the big city), and want "stuff to do". Small towns are for the other end of the spectrum (retirement, etc.)
I enjoyed reading all the replies, I think the majority of these can be summed up pretty easily:
1. By far, the most popular response was jobs/money. I can understand this as I actually have a job in the city (and 'live' there Monday-Thursday as a consultant), but again, what is the huge issue with working in the city and travelling outside the city to live?
2. The second most popular seemed to be "things to do". I see none of what was mentioned that can't be done in the burbs, but to each his own...
3. A good number also reaffirmed my own hypothesis, that many people move to the city to follow the crowd/look impressive to friends/family, etc. This seems crazy to me, but again, everyone is driven by different motivations.
I guess a good follow up question would be, how many young people (as in a percentage of those graduating college, maybe to around the age of 30 or so) ARE actually living in cities. Is it really all that many, or is it much lower, and just that those who do live there are always talking about it...
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