Yahoo Finanzas 30 Best Cities for Young Professionals
The younger generations, especially millennials, often get a bad rap for their work ethic. But in 2016, they surpassed Generation Xers to become the single largest generational group in the U.S. labor force, according to the Pew Research Center, soon to be followed by Gen Z as this younger generation comes of age to work.
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Gen Z, who comprise 20.3% of the U.S. population, are almost as big as Millennials, who comprise 22% of the population, according to GreatPlacetoWork.com. With more and more Baby Boomers retiring, Millennials and Gen Z will comprise the largest portion of the workforce for a very long time, with younger generations dominating the working class. And they are flocking to cities where jobs are in abundance and wages are high. Whether recent graduates or several years into their careers, many young professionals are more flexible when it comes to moving to a new city for better opportunities. But which city will give these career starters the best chance for success?
To find the 30 best cities for young professionals, GOBankingRates looked at 100 of the most populous cities in the U.S. as drawn from the 2021 American Community Survey from the U.S. Census Bureau. Then we drew data from Then, we gathered data from Zillow, Sperling's Best, and the Bureau of Labor Statistics 2021 Consumer Expenditure Survey data to find the best cities for young professionals to live affordably.
While you won't find San Francisco or Los Angeles on this list, you'll find a lot of great cities where Millennials and Gen Z can flourish.
30. Mesa, Arizona
Median annual rent for a one-bedroom apartment: $21,395
Population ages 20-34: 509,492
Unemployment rate
Ages 20-24: 5.7%
Ages 25-29: 3.6%
Ages 30-34: 4.5%
Labor force participation rate
Ages 20-24: 79.9%
Ages 25-29: 87.8%
Ages 30-34: 88.3%
Median income
Ages 25 and under: $23,693.42
Ages 25-34: $43,737.08
Annual cost of living (excluding housing)
Ages 25 and under: $11,638.48
Ages 25-34: $17,484.86
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29. Pittsburgh, Pennsylvania
Median annual rent for a one-bedroom apartment: $16,700
Population ages 20-34: 300,454
Unemployment rate
Ages 20-24: 7.4%
Ages 25-29: 8.4%
Ages 30-34: 5%
Labor force participation rate
Ages 20-24: 64.9%
Ages 25-29: 87.0%
Ages 30-34: 89.1%
Median income
Ages 25 and under: $21,143.92
Ages 25-34: $39,030.79
Annual cost of living (excluding housing)
Ages 25 and under: $11,379.25
Ages 25-34: $17,127.12
28. Atlanta, Georgia
Median annual rent for a one-bedroom apartment: $24,262
Population ages 20-34: 496,480
Unemployment rate
Ages 20-24: 11.6%
Ages 25-29: 2.2%
Ages 30-34: 4.1%
Labor force participation rate
Ages 20-24: 65.9%
Ages 25-29: 91.0%
Ages 30-34: 88.6%
Median income
Ages 25 and under: $30,869.02
Ages 25-34: $56,982.93
Annual cost of living (excluding housing)
Ages 25 and under: $12,240.32
Ages 25-34: $18,384.53
27. Fort Wayne, Indiana
Median annual rent for a one-bedroom apartment: $13,828
Population ages 20-34: 263,814
Unemployment rate
Ages 20-24: 9%
Ages 25-29: 4%
Ages 30-34: 1.7%
Labor force participation rate
Ages 20-24: 80.8%
Ages 25-29: 84.3%
Ages 30-34: 79.6%
Median income
Ages 25 and under: $19,932.10
Ages 25-34: $36,793.82
Annual cost of living (excluding housing)
Ages 25 and under: $9,860.70
Ages 25-34: $15,206.80
26. Gilbert, Arizona
Median annual rent for a one-bedroom apartment: $26,362
Population ages 20-34: 273,138
Unemployment rate
Ages 20-24: 2.9%
Ages 25-29: 5.3%
Ages 30-34: 3%
Labor force participation rate
Ages 20-24: 88.7%
Ages 25-29: 90.6%
Ages 30-34: 84.9%
Median income
Ages 25 and under: $34,584.53
Ages 25-34: $63,841.61
Annual cost of living (excluding housing)
Ages 25 and under: $11,888.38
Ages 25-34: $17,815.81
25. Chandler, Arizona
Median annual rent for a one-bedroom apartment: $24,370
Population ages 20-34: 279,445
Unemployment rate
Ages 20-24: 6.4%
Ages 25-29: 2.9%
Ages 30-34: 6.6%
Labor force participation rate
Ages 20-24: 83.4%
Ages 25-29: 90.6%
Ages 30-34: 85.9%
Median income
Ages 25 and under: $33,688.17
Ages 25-34: $62,186.97
Annual cost of living (excluding housing)
Ages 25 and under: $11,640.58
Ages 25-34: $17,506.80
24. Colorado Springs, Colorado
Median annual rent for a one-bedroom apartment: $21,918
Population ages 20-34: 273,138
Unemployment rate
Ages 20-24: 9.3%
Ages 25-29: 3.8%
Ages 30-34: 5.3%
Labor force participation rate
Ages 20-24: 83.5%
Ages 25-29: 86.8%
Ages 30-34: 85.2%
Median income
Ages 25 and under: $26,154.98
Ages 25-34: $48,281.01
Annual cost of living (excluding housing)
Ages 25 and under: $10,524.61
Ages 25-34: $15,866.14
23. Charlotte, North Carolina
Median annual rent for a one-bedroom apartment: $21,239
Population ages 20-34: 273,138
Unemployment rate
Ages 20-24: 8.1%
Ages 25-29: 5.2%
Ages 30-34: 4.1%
Labor force participation rate
Ages 20-24: 75.9%
Ages 25-29: 88.3%
Ages 30-34: 87.3%
Median income
Ages 25 and under: $27,884.50
Ages 25-34: $51,473.63
Annual cost of living (excluding housing)
Ages 25 and under: $10,971.59
Ages 25-34: $16,680.14
22. Saint Petersburg, Florida
Median annual rent for a one-bedroom apartment: $21,239
Population ages 20-34: 273,138
Unemployment rate
Ages 20-24: 10.3%
Ages 25-29: 3.2%
Ages 30-34: 6.8%
Labor force participation rate
Ages 20-24: 80.6%
Ages 25-29: 96.3%
Ages 30-34: 91.6%
Median income
Ages 25 and under: $25,317.08
Ages 25-34: $46,734.28
Annual cost of living (excluding housing)
Ages 25 and under: $11,428.46
Ages 25-34: $17,474.13
21. Lubbock, Texas
Median annual rent for a one-bedroom apartment: $24,547
Population ages 20-34: 260,990
Unemployment rate
Ages 20-24: 9.9%
Ages 25-29: 3.1%
Ages 30-34: 7.9%
Labor force participation rate
Ages 20-24: 78.8%
Ages 25-29: 84.3%
Ages 30-34: 88.2%
Median income
Ages 25 and under: $17,039.74
Ages 25-34: $31,454.65
Annual cost of living (excluding housing)
Ages 25 and under: $9,834.01
Ages 25-34: $15,513.94
20. Lexington, Kentucky
Median annual rent for a one-bedroom apartment: $16,093
Population ages 20-34: 260,990
Unemployment rate
Ages 20-24: 7.3%
Ages 25-29: 1%
Ages 30-34: 5.3%
Labor force participation rate
Ages 20-24: 73.8%
Ages 25-29: 86.9%
Ages 30-34: 85.6%
Median income
Ages 25 and under: $20,278.63
Ages 25-34: $37,433.51
Annual cost of living (excluding housing)
Ages 25 and under: $10,384.56
Ages 25-34: $15,973.74
19. Virginia Beach, Virginia
Median annual rent for a one-bedroom apartment: $21,943
Population ages 20-34: 260,990
Unemployment rate
Ages 20-24: 10.6%
Ages 25-29: 1.7%
Ages 30-34: 3.7%
Labor force participation rate
Ages 20-24: 86.3%
Ages 25-29: 86.8%
Ages 30-34: 87.6%
Median income
Ages 25 and under: $28,188.38
Ages 25-34: $52,034.57
Annual cost of living (excluding housing)
Ages 25 and under: $11,130.13
Ages 25-34: $17,050.99
18. Reno, Nevada
Median annual rent for a one-bedroom apartment: $21,764
Population ages 20-34: 268,843
Unemployment rate
Ages 20-24: 3.1%
Ages 25-29: 4.4%
Ages 30-34: 5.6%
Labor force participation rate
Ages 20-24: 76.9%
Ages 25-29: 90.0%
Ages 30-34: 85.9%
Median income
Ages 25 and under: $24,727.24
Ages 25-34: $45,645.45
Annual cost of living (excluding housing)
Ages 25 and under: $10,858.84
Ages 25-34: $16,550.71
17. Minneapolis, Minnesota
Median annual rent for a one-bedroom apartment: $19,221
Population ages 20-34: 425,338
Unemployment rate
Ages 20-24: 8.4%
Ages 25-29: 6.6%
Ages 30-34: 10.2%
Labor force participation rate
Ages 20-24: 74.9%
Ages 25-29: 89.6%
Ages 30-34: 90.1%
Median income
Ages 25 and under: $27,573.78
Ages 25-34: $50,900.04
Annual cost of living (excluding housing)
Ages 25 and under: $11,280.93
Ages 25-34: $16,773.06
16. Nashville, Tennessee
Median annual rent for a one-bedroom apartment: $21,983
Population ages 20-34: 678,845
Unemployment rate
Ages 20-24: 3.8%
Ages 25-29: 3.3%
Ages 30-34: 4.7%
Labor force participation rate
Ages 20-24: 73.3%
Ages 25-29: 86.4%
Ages 30-34: 87.6%
Median income
Ages 25 and under: $27,269.37
Ages 25-34: $50,338.13
Annual cost of living (excluding housing)
Ages 25 and under: $11,274.01
Ages 25-34: $17,159.94
15. Columbus, Ohio
Median annual rent for a one-bedroom apartment: $16,963
Population ages 20-34: 678,845
Unemployment rate
Ages 20-24: 6.9%
Ages 25-29: 5.9%
Ages 30-34: 4.6%
Labor force participation rate
Ages 20-24: 76.7%
Ages 25-29: 87.3%
Ages 30-34: 85.0%
Median income
Ages 25 and under: $24,686.69
Ages 25-34: $45,570.59
Annual cost of living (excluding housing)
Ages 25 and under: $10,636.89
Ages 25-34: $16,183.13
14. Omaha, Nebraska
Median annual rent for a one-bedroom apartment: $14,598
Population ages 20-34: 678,845
Unemployment rate
Ages 20-24: 6.2%
Ages 25-29: 3.3%
Ages 30-34: 2.7%
Labor force participation rate
Ages 20-24: 79.9%
Ages 25-29: 87.9%
Ages 30-34: 86.2%
Median income
Ages 25 and under: $21,151.29
Ages 25-34: $39,044.40
Annual cost of living (excluding housing)
Ages 25 and under: $10,456.33
Ages 25-34: $16,335.39
13. Richmond, Virginia
Median annual rent for a one-bedroom apartment: $16,760
Population ages 20-34: 226,604
Unemployment rate
Ages 20-24: 10.3%
Ages 25-29: 3.5%
Ages 30-34: 6.2%
Labor force participation rate
Ages 20-24: 76.5%
Ages 25-29: 86.9%
Ages 30-34: 88.2%
Median income
Ages 25 and under: $21,560.49
Ages 25-34: $39,799.78
Annual cost of living (excluding housing)
Ages 25 and under: $10,378.27
Ages 25-34: $15,992.73
12. Saint Paul, Minnesota
Median annual rent for a one-bedroom apartment: $16,565
Population ages 20-34: 307,176
Unemployment rate
Ages 20-24: 8.3%
Ages 25-29: 7.1%
Ages 30-34: 2.8%
Labor force participation rate
Ages 20-24: 80.4%
Ages 25-29: 90.0%
Ages 30-34: 87.6%
Median income
Ages 25 and under: $26,377.23
Ages 25-34: $48,691.27
Annual cost of living (excluding housing)
Ages 25 and under: $11,251.44
Ages 25-34: $16,721.84
11. Seattle, Washington
Median annual rent for a one-bedroom apartment: $27,010
Population ages 20-34: 733,904
Unemployment rate
Ages 20-24: 10.3%
Ages 25-29: 3.4%
Ages 30-34: 5.1%
Labor force participation rate
Ages 20-24: 73.2%
Ages 25-29: 87.8%
Ages 30-34: 90.9%
Median income
Ages 25 and under: $39,551.36
Ages 25-34: $73,010.17
Annual cost of living (excluding housing)
Ages 25 and under: $12,241.47
Ages 25-34: $18,062.53
10. Boise, Idaho
Median annual rent for a one-bedroom apartment: $21,311
Population ages 20-34: 237,457
Unemployment rate
Ages 20-24: 3.5%
Ages 25-29: 4.5%
Ages 30-34: 2%
Labor force participation rate
Ages 20-24: 84.7%
Ages 25-29: 87.6%
Ages 30-34: 84.1%
Median income
Ages 25 and under: $25,162.78
Ages 25-34: $46,449.44
Annual cost of living (excluding housing)
Ages 25 and under: $10,100.12
Ages 25-34: $15,580.91
9. Durham, North Carolina
Median annual rent for a one-bedroom apartment: $19,341
Population ages 20-34: 285,439
Unemployment rate
Ages 20-24: 6.7%
Ages 25-29: 2.8%
Ages 30-34: 3.6%
Labor force participation rate
Ages 20-24: 66.4%
Ages 25-29: 78.6%
Ages 30-34: 88.1%
Median income
Ages 25 and under: $26,427.79
Ages 25-34: $48,784.60
Annual cost of living (excluding housing)
Ages 25 and under: $7,679.14
Ages 25-34: $12,031.54
8. Austin, Texas
Median annual rent for a one-bedroom apartment: $22,408
Population ages 20-34: 964,000
Unemployment rate
Ages 20-24: 7%
Ages 25-29: 4.4%
Ages 30-34: 5%
Labor force participation rate
Ages 20-24: 73.4%
Ages 25-29: 90.0%
Ages 30-34: 92.2%
Median income
Ages 25 and under: $30,462.45
Ages 25-34: $56,232.41
Annual cost of living (excluding housing)
Ages 25 and under: $11,542.85
Ages 25-34: $16,264.84$17,506.23
7. Kansas City, Missouri
Median annual rent for a one-bedroom apartment: $14,731
Population ages 20-34: 964,000
Unemployment rate
Ages 20-24: 5.2%
Ages 25-29: 6.5%
Ages 30-34: 5.6%
Labor force participation rate
Ages 20-24: 83.9%
Ages 25-29: 87.9%
Ages 30-34: 91.2%
Median income
Ages 25 and under: $22,703.32
Ages 25-34: $41,909.39
Annual cost of living (excluding housing)
Ages 25 and under: $10,671.99
Ages 25-34: $16,425.35
6. Madison, Wisconsin
Median annual rent for a one-bedroom apartment: $20,903
Population ages 20-34: 964,000
Unemployment rate
Ages 20-24: 6.6%
Ages 25-29: 2.8%
Ages 30-34: 3.1%
Labor force participation rate
Ages 20-24: 72.2%
Ages 25-29: 85.6%
Ages 30-34: 90.0%
Median income
Ages 25 and under: $23,051.44
Ages 25-34: $42,552.00
Annual cost of living (excluding housing)
Ages 25 and under: $10,591.74
Ages 25-34: $16,208.90
5. Denver, Colorado
Median annual rent for a one-bedroom apartment: $20,903
Population ages 20-34: 711,463
Unemployment rate
Ages 20-24: 11.1%
Ages 25-29: 3.8%
Ages 30-34: 4.6%
Labor force participation rate
Ages 20-24: 84.5%
Ages 25-29: 92.2%
Ages 30-34: 90.3%
Median income
Ages 25 and under: $33,558.09
Ages 25-34: $61,946.84
Annual cost of living (excluding housing)
Ages 25 and under: $11,667.43
Ages 25-34: $17,382.73
4. Norfolk, Virginia
Median annual rent for a one-bedroom apartment: $17,488
Population ages 20-34: 235,089
Unemployment rate
Ages 20-24: 8.8%
Ages 25-29: 3.9%
Ages 30-34: 3.2%
Labor force participation rate
Ages 20-24: 84.0%
Ages 25-29: 84.3%
Ages 30-34: 86.7%
Median income
Ages 25 and under: $21,918.62
Ages 25-34: $40,460.85
Annual cost of living (excluding housing)
Ages 25 and under: $10,356.82
Ages 25-34: $16,054.73
3. Scottsdale, Arizona
Median annual rent for a one-bedroom apartment: $26,575
Population ages 20-34: 242,754
Unemployment rate
Ages 20-24: 1.8%
Ages 25-29: 4.7%
Ages 30-34: 2.8%
Labor force participation rate
Ages 20-24: 87.9%
Ages 25-29: 93.0%
Ages 30-34: 92.7%
Median income
Ages 25 and under: $35,759.49
Ages 25-34: $66,010.52
Annual cost of living (excluding housing)
Ages 25 and under: $11,667.97
Ages 25-34: $17,571.33
2. Lincoln, Nebraska
Median annual rent for a one-bedroom apartment: $13,588
Population ages 20-34: 292,648
Unemployment rate
Ages 20-24: 3.9%
Ages 25-29: 3.4%
Ages 30-34: 0.5%
Labor force participation rate
Ages 20-24: 85.3%
Ages 25-29: 90.3%
Ages 30-34: 84.2%
Median income
Ages 25 and under: $21,176.04
Ages 25-34: $39,090.09
Annual cost of living (excluding housing)
Ages 25 and under: $10,355.15
Ages 25-34: $16,507.85
1. Arlington, Virginia
Median annual rent for a one-bedroom apartment: $28,659
Population ages 20-34: 232,965
Unemployment rate
Ages 20-24: 3.9%
Ages 25-29: 2.8%
Ages 30-34: 1.9%
Labor force participation rate
Ages 20-24: 83.0%
Ages 25-29: 92.8%
Ages 30-34: 90.9%
Median income
Ages 25 and under: $53,275.31
Ages 25-34: $98,344.01
Annual cost of living (excluding housing)
Ages 25 and under: $12,637.51
Ages 25-34: $18,983.55
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Alexandria Bova contributed to the reporting for this article.
Methodology: GOBankingRates in order to find the 30 Best Cities for Young Professionals looked at 100 of the most populous cities in the United States as sourced from the 2021 American Community survey conducted by the United States Census Bureau. GOBankingRates then analyzed the cities using the following criteria: (1) percent of the population aged 20 through 34; (2) Unemployment Rate among 20 - 24 Year Olds; (3) Unemployment Rate among 25 - 29 Year Olds; (4) Unemployment Rate among 30 - 34 Year Olds; (5) Labor Force Participation Rate among 20-24 Year olds: (6) Labor Force Participation Rate among 25-29 Year olds; (7) Labor Force Participation Rate among 30-34 Year olds (%); (8) Median Income for Non-families Under 25; (9) Median Income for Non-Families 25 - 34 year olds, all sourced from the 2021 American Community survey conducted by the United States Census Bureau and factored out using the Bureau of Labor Statistics' 2021 Consumer Expenditure Survey; (10) average Annual 2022 Median Rent as sourced from Zillow, (11) annual cost of living expenditures excluding housing for those 25 and under; and (12) annual cost of living expenditures excluding housing for those 25 through 34, both based on the Bureau of Labor Statistics' 2021 Consumer Expenditure Survey and local cost of living indices sourced from Sperling's Best Places. All factors were scored and then combined, with the lowest score being best, to determine the final rankings. Factors 8 and 9 were weighted 0.5 times. All data was collected and is up to date as of November 14, 2022.
This article originally appeared on GOBankingRates.com: 30 Best Cities for Young Professionals
