Mid-Sized Cities Prosper
Big Cities Facing the Threat of Losing Millennials
FUTURE PROOF – BLOG BY FUTURES PLATFORM
The social and economic power of millennials will increase remarkably during the coming years when this generation will reach their prime working and spending years, as the data presented by Goldmans Sachs highlights. For cities, this means that the ability to attract this generation will be the key issue for securing their prosperity. Currently, it seems that major cities in the U.S. might be at risk of losing the competition over millennials to their mid-sized counterparts, and big cities all over the world are expected to face the same challenge in the future.
Fortune listed the rise of medium-sized cities one of the top trends of 2017 shaping the real estate market in the United States. According the article younger generations are heading to mid-sized cities which offer more affordable housing than major economic cities like New York, Seattle and San Francisco. A recent study published by CareerBuilder revealed that the fastest cities growing younger were Madison, El Paso and Colorado Springs. These cities among the others at the top of the list is a concrete sign that medium-sized cities are currently winning the millennials in the U.S.
Youthful Cities Urban Millennial Survey, including opinions 15,000 millennials from 34 cities all over the world, shows that it’s not only in the U.S. where major cities are at risk of losing millennials. Affordability, employment and safety were the top three reasons why as much as 58% of the millennials were considering to move alternative cities during the next decade. As Robert Barnard, co-founder of Youthful Cities, states in the press release:
“The threat of mass Millennial Generation migration will create winning and losing cities. This generation, like no other before it, will vote with their feet to find cities they can prosper in. The world is a more open place than ever, reducing the barriers to move. Some cities will seize this unprecedented opportunity. Others will be left behind.”
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