The millennials are coming! The millennials are coming! That’s the finding of a new study from life insurance company Haven Life, which shows that the San Antonio area is among the most popular metros for this demographic group. The Pew Research Center defines millennials as those born between 1981 and 1996.
The millennial population change of 11.5% and millennial population proportion of 17.7% puts the city at No. 15 on Haven Life’s list. The Austin, Houston, and Dallas-Fort Worth metros are also in the top 15.
“It looks like avocado toast and craft beers aren’t leaving Texas anytime soon,” said the San Antonio Express-News. “In a list based on census data, Haven Life…identified the top metropolitans in the U.S. where millennials are flocking to, according to population change, population proportion, median earnings, median home price and cost of living.”
The study noted that the cost of living in San Antonio is six percent lower than the U.S. average, an important factor for many people who are relocating to the area. Lower housing costs—the median home price in the city is considerably lower than the national average—and no state income taxes contribute to the relative affordability.
San Antonio has been one of the fastest-growing cities in the nation for two years in a row, adding 20,824 people last year, according to census numbers. That growth is largely driven by the dynamic business climate. San Antonio’s job growth continues to tick upwards, and the city’s unemployment rate remains below the national and state averages.
“For millennials looking for a job and affordable housing, San Antonio is a great option,” said LifeStorage. “The Alamo city maintains a significant military presence and caters to their success through various health, schooling, and work programs. Many active and retired military personnel make their home at and around the Joint Base San Antonio, providing jobs throughout Fort Sam Houston, Randolph Air Force Base, and Lackland Air Force Base.” San Antonio is also a hotbed for jobs in the manufacturing, renewable energy, bioscience, healthcare, education, and tourism industries.
Mergers & Acquisitions Advisory, A Neumann & Associates, adds that San Antonio’s population boom is “because of its economic standing. The city ranks as the third-largest GDP across the country with an overall performance that surpasses Seattle and San Francisco. This does not come as a surprise because the city has been performing well in providing investors with a contingent of highly skilled workforce and a business environment that fosters growth of a large, sprawling metropolitan area.”
In addition, the city attracts residents thanks to its ambiance that “feels more like a European city than American, is loaded with culture, education, fine universities and colleges, and facilities,” said Forbes.
On the university front, Texas A&M University-San Antonio, which recently celebrated its 10th year, is one of the fastest-growing campuses in Texas. A new master-planned community from renowned developer SouthStar Communities will further foster this growth while catering to future students and residents, and supporting the “growing housing needs associated with the recently announced expansions to the Toyota Motor Manufacturing Texas facility, TJ Maxx distribution center and the newly announced Navistar Commercial Truck Manufacturing Facility,” said the San Antonio Business Journal.
VIDA is a groundbreaking new 600-acre planned development on the city’s South Side that will bring a combination of retail, single-family homes, apartments, and townhomes to TAMU-SA’s doorstep. An expansive trail system will connect the community to the campus, shops, restaurants, entertainment venues, and healthcare services. More than 5,700 residential units will be included, with construction scheduled to begin 2nd Quarter of 2020 and Phase 1 homes and retail anticipated to be completed in 2021.
About SouthStar Communities
SouthStar Communities is a nationally recognized master planned community developer that has been shaping communities for two decades. SouthStar invests, develops properties, and provides services including acquisition, entitlements, planning and development, project management, design oversight, marketing, branding strategy, and asset management. The company has developed some of the most successful and renowned communities in the country from Texas to Florida.
VIDA is SouthStar’s sixth active development in Texas. Current communities include: Vintage Oaks in New Braunfels; The Crossings in New Braunfels; Mission del Lago in South San Antonio; WoodCreek in Dallas; and Wildcat Ranch in Dallas.
SouthStar Communities is also dedicated to supporting the military. The company has partnered with non-profit Operation FINALLY HOME to provide free lots and homes for wounded and disabled veterans. To date, 11 properties have been built for American heroes in SouthStar neighborhoods across Texas.
For more information, visit LiveVida.com.