Seattle, WA, is the top destination for millennials according to the latest report by SmartAsset, a financial technology company that provides financial advice.
According to the study, nearly 30,000 millennials moved to city last year, while just over 22,000 moved out, leaving the city with a net influx of 7,300 millennials. The company points out that part of the draw is that the city was recently voted one of America’s best cities for young professionals, and that Washington State has no income tax.
Columbia, South Carolina, came in second with a net influx of nearly 7,000 20- to 34-year-olds. Sacramento beat out San Francisco and Los Angeles as the top destination for millennials in the state of California. The Golden State’s capital saw a net gain of 6,700 young professionals, many of them from other cities within the state. In total, around 10,000 millennials moved to Sacramento from other California cities.
Minneapolis, Minnesota, Jacksonville, Florida, Newport News, Virginia, San Jose, California, Denver, Colorado, Norfolk, Virginia and Virginia Beach, Virginia, rounded out the top ten destinations.
Virginia had three spots in the list’s top 10 cities, particularly the southeastern part of the state.
New York City once again took the bottom spot on the list. In total 69,200 residents moved to the city while 95,000 left The Big Apple.
Several cities and states are facing declining tax revenues due to the number of young professionals leaving for other locales. As a result many local governments are paying young workers to migrate to and work in their cities.
Hamilton, Ohio is offering new residents $5,000 to help pay for student loans. Grant County, Indiana, will give people who move there $5,000 toward the purchase of a new home. North Platte, a city of about 24,000 in central Nebraska, is offering up to $10,000 to new workers who move there.
The U.S. unemployment rate is currently 3.8%, the lowest it’s been since 2000. Economists predict an unemployment rate of 3.6% by next year, which would make it the lowest in fifty years. A trend that is likely to exacerbate employment-shortage problems and migrations trends.
Photo by Rattlhed via Wikimedia Commons