Key metropolitan areas are attracting young college graduates at increased rates in the past couple years, including more cities than just the usual, New York, Washington and San Francisco. While these cities are still attracting graduates from all across the country, other cities have become popular as well. Denver, San Diego, Nashville, Salt Lake City and Portland, Oregon are all on the radar for graduates.
Suddenly, the very heart of these metropolitan areas are the location of these young individuals as opposed to outskirts or suburbs. Even places that are struggling from economic trouble, such as Buffalo and Cleveland, have been attracting these college graduates. The number of young graduates living within 3 miles has gone up nearly 37% since 2000, a time when the total population of these neighborhoods has slightly decreased.
As Americans are typically less likely to move in today’s society, young, college graduates are continuing to move at high rates. About a million of these individuals cross state lines each year, not settling down to join the rest of the population until their mid-30s. As they travel, they become economic powerhouses for these cities, providing innovation and stability to these growing economies. It becomes a cycle, the companies going where the young people are and the people going where the companies are. This cycle helps these cities grow and prosper even more.
Not all cities are seeing this increase. Detroit lost about 10% of the college graduates in the city, while Providence gained just 6%. In total, these cities have less than 4% of the total population as young college graduates. The growth rate of different cities varies based on economic prosperity and the growth and possibilities young people see in those areas.
Young college graduates are on the move, growing on experiences at different companies and in different locations. These cities see an increase in jobs due to the increase in grads in the area and encourage this type of movement, hoping they can make a lasting impression on the city.
About the Author: Kelly is a guest contributor from the MSU Business College, preparing individuals for careers in marketing, finance, accounting, supply chain and more.