Coming in second is San Jose, California, which leads the country in both income and educational attainment. Millennial households earn an average income of $248,200, the highest in the ranking by far and more than 63% of residents hold at least a bachelor’s degree. The advantages come at a price, however, with a cost of living 13% above the national average. The local economy has struggled with a loss of tech jobs in recent years and its 4% unemployment rate ranks fairly high among the top 20 markets for millennials.

Raleigh, North Carolina, landed in third on the list. Its tech and healthcare industries across the Research Triangle attract an educated workforce, with 56.5% of millennials living in the metro holding at least a bachelor’s degree. Raleigh’s overall millennial population grew by 10.6% between 2019 and 2023, with a noticeable uptick starting around 2021 — a year that saw many young adults relocate to Southern hotspots offering both opportunity and lifestyle.

Huntsville, Alabama, moved up a spot to take fourth. The market posted the fastest Millennial population growth among the top 20 markets, although the overall share is still smaller than in large metros. The market attracts younger workers looking for practical options, with a cost of living 5.6% below the national average. The job market is anchored by aerospace and defense and its 2.7% unemployment rate is among the lowest of the markets studied.

At fifth, is Northwest Arkansas, which jumped four spots. The millennial population in the region grew 12.8% during the past five years, the third-fastest rate among top metros. Meanwhile, the cost of living is 9% below the national average, the most budget-friendly metro in the top 20.

Seattle was next, with 26.9% of the metro’s more than 4 million residents made up of millennials. The market is one of the most expensive in the top 20, with the cost of living 13% above the national average. Richmond, Virginia, jumped from 15th on last year’s list to seventh on this year’s list. The metro saw a 10.9% increase in its millennial population over the past five years, driven by low unemployment and a below-average cost of living.

In eighth place is Salt Lake City, which stands out for its ability to retain younger residents. Average Millennial incomes hover around $125,000, and the cost of living is 3.6% below the national average. Provo, Utah, climbed from 21st to ninth place on the list, driven by a cost of living 5% below the national average and the proximity to Brigham Young University, the metro’s top employer, which has kept many grads and younger Millennials local.

Finally, Nashville rounded out CommercialCafe’s top 10, as millennials now make up 24% of the metro’s 2.1 million people. Unemployment in Nashville is low at 2.9% and average millennial household incomes increased this year to $118,500. While the cost of living in the city is not cheap, it is just below the national average and its job mix supports a steady inflow of industries including health care, finance, publishing and tech.