7 Top Metros for Millennials Looking for Bigger Paychecks
Millennials looking to advance their careers and boost their paychecks need more than just a bustling city. The right area combines fast economic growth with strong job gains for prime-age workers and rising wages.
Recent research by Trust & Will ranked 73 U.S. metros to show where affluent millennials are building wealth — and where economic opportunities are strongest. The study also examined housing trends, but this article focuses on employment and income indicators.
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Out of the top 10 millennial wealth hotspots, here are seven that offer the strongest career and pay growth for this generation.
Tampa-St. Petersburg-Clearwater, Florida
Overall rank: 9
Economic indicators rank: 2
Wealth concentration rank: 43
Though it comes ninth overall, this metro's GDP grew 50.9% over five years and employment for ages 25-44 rose 13.6%, making it a top spot for fast-growing job opportunities.
Jacksonville, Florida
Overall rank: 7
Economic indicators rank: 3
Wealth concentration rank: 38
Jacksonville had a five-year GDP growth of 52.2%, while employment grew 14.1%.
Boise, Idaho
Overall rank: 4
Economic indicators rank: 4
Wealth concentration rank: 32
Boise's five-year GDP growth of 56.3% was the second highest on the list. Add to that a growth in employment of 15.8%, and it's clear why it's near the top for prime-age workers.
Austin-Round Rock-San Marcos, Texas
Overall rank: 1
Economic indicators rank: 5
Wealth concentration rank: 8
With millennials making up around a quarter of the population, this metro area also has the highest GDP growth over five years (63.5%) and the second highest employment growth (19.4%).
Phoenix-Mesa-Chandler, Arizona
Overall rank: 3
Economic indicators rank: 6
Wealth concentration rank: 26
Although this area has slower employment growth than many of the others (just 9.65%), it has a strong GDP growth of 51.5%. It also has a startup density in the top 15%, at 26,894.
Raleigh-Cary, North Carolina
Overall rank: 2
Economic indicators rank: 8
Wealth concentration rank: 11
The metro area saw GDP growth of 46.45%. According to Checkr, Raleigh ranks as the No. 1 city in the U.S. for job opportunities and earning potential, making it a hotspot for fast-growing careers and pay.
Nashville-Davidson-Murfreesboro-Franklin, Tennessee
Overall rank: 6
Economic indicators rank: 9
Wealth concentration rank: 25
GDP growth here was 49.5%, while employment growth reached 14.6%. The city of Nashville ranks No. 2 on the Checkr list, highlighting its strong job market for young professionals.
How To Capture Fast-Growing Opportunities
These seven metros are seeing fast job growth and rising pay for prime-age workers, but that doesn’t necessarily make them easy opportunities for everyone. Identifying which sectors are expanding in a given area and building skills that match demand can help open doors to promotions and higher pay. Being ready to act when opportunities arise can also help you make the most of any market.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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