Study finds Austin is the best city for wealthy millennials

The Austin metro was named the No. 1 best area for affluent millennials, according to a new report. Austin has previously been ranked among the best cities for singles and college students — finally, there’s a ranking for millennials to take pride in.

A new report from Trust & Will, an online estate planning service, ranked Austin as the No. 1 metro for affluent millennials based on factors such as employment information, economic prospects and housing data. The study analyzed the 73 metros in the U.S. most populated by millennials — in the study, millennials are defined as adults between the ages of 25 and 44.

Austin is the only Texas metro in the top 20 markets. San Antonio-New Braunfels comes in at No. 24, with Houston-Pasadena close behind at No. 25 and Dallas-Fort Worth-Arlington at No. 27.

Eight indicators were used to evaluate the metros, including local GDP growth; growth in employment for the millennial age group; median household income growth; recent start-up activity; the number of high-income filers and high-value asset holders; the Zillow Home Value Index; and a five-year trend of building permit applications.

The Austin-Round Rock-San Marcos area’s "millennial population density" is more than 25%, a full four percentage points higher than most other cities on the list, excluding Denver. Its GDP growth was ranked No. 1 and prime-age employment was ranked No. 2, both in the top 3% of the study. Median household income growth fell lower on the list, with the Austin metro ranking No. 33.

Top markets for affluent millennials, 2025

1. Austin-Round Rock-San Marcos, Texas
2. Raleigh-Cary, N.C.
3. Phoenix-Mesa-Chandler, Ariz.
4. Boise City, Idaho
5. Denver-Aurora-Centennial, Colo.
6. Nashville-Davidson-Murfreesboro-Franklin, Tenn.
7. Jacksonville, Fla.
8. Charlotte-Concord-Gastonia, N.C. and S.C.
9. Tampa-St. Petersburg-Clearwater, Fla.
10. Sacramento-Roseville-Folsom, Calif.

Lowest-ranked markets for affluent millennials, 2025

73. Baton Rouge, La.
74. Rochester, N.Y.
75. Tulsa, Okla.
76. Cleveland, Ohio
77. Oklahoma City, Okla.
78. Buffalo-Cheektowaga, N.Y.
79. New Orleans-Metairie, La.
80. Pittsburgh, Pa.
81. Columbia, S.C.
82. Detroit-Warren-Dearborn, Mich.