According to a recent survey by BizJournals.com, Austin ranks as the number 2 city in America for young adults to live and thrive in the job market. The survey surveyed the 67 largest metro areas in America and then ranked them according to many factors, including size of the young adult population, job opportunities, and overall quality of life offered.
Of all the metro areas surveyed, Austin has the highest concentration of young adults, with 29% of residents between the ages of 18 and 34.
Young Crowds Pay
The results showed:
- Areas with a higher concentration of young adults experience seven times greater population growth annually, 75% more job growth, and a greater rate of growth of personal income.
- The effect of a growing young adult population is cyclical; more young people relocate to areas like Austin after graduation to look for work, purchase real estate, and start business and families.
- Those people prosper, the economy is stimulated, and, in return, even more young adults head to the area to continue the trend.
Austin was ranked using factors that BizJournals thought would appeal most to workers in their 20's and early 30's. There were:
- Relatively low cost of living
- Strong growth rates
- Large concentrations of young college-educated adults
Competition for real estate and jobs is beginning to escalate as more young people are becoming choosier about where they settle. "College-educated young people are looking for greater control over where they live," concluded a 2006 study by The Segmentation Co., a national research firm.
The conclusions from this study make it an excellent time for young people to consider investing in Austin, TX real estate. They can start building the wealth they came to Austin looking for, but it also helps to further stimulate the local economy and real estate market, allowing the cycle of prosperity to continue.