There is a bit of surprising news about millennials living in Austin, according to realtor.com, which analyzed 2015 U.S. Census Bureau data on the largest metro areas in the nation. Of these largest metros, millennials in Austin are the most likely to live alone, with 11.2 percent of millennials renting or owning a home solo.
The article listed median rent for a one-bedroom apartment in Austin at $1,130, with the median home listing price at $391,900. Neither of these would be considered “cheap” on a statewide level, but they still aren’t as high as some larger coastal or tech cities. What, then, puts Austin at number one? The article suggests that many millennials move here from the more expensive cities but then telecommute, keeping their higher paying jobs while enjoying the more moderate living expenses. Or, they keep higher paying jobs from out of state but transfer to offices in Austin.
In essence, not only do millennials benefit from higher salaries, they get to enjoy Austin’s funky vibe, as well as a veritable plethora of breakfast tacos.
How did Austin compare, aside from being number one? The large metro with the highest percentage of millennials living with their parents was McAllen, Texas, with 51.8 percent living at home. This is despite a median rent of $620 and median home list price of $189,300. Oxnard, California; El Paso, Texas; Bridgeport, Connecticut; and Miami, Florida rounded out the top five metros for millennials living at home.
For living alone, Omaha, Nebraska; Milwaukee, Wisconsin; Pittsburgh, Pennsylvania; and Albany, New York rounded out the top five metros.