Millennials are on the moveDate posted: 3/12/15 12:30:00 PM
Millennials in the U.S. aren't afraid to travel abroad, according to a recent report from Travel Weekly. While international travel out of the U.S. has historically been fueled by wealthy middle-aged couples, the MMGY Global's 2014 Portrait of American Travelers stated that 50 percent of millennial respondents were interested in visiting Europe in the next two years compared to 48 percent of Baby Boomers.
"Millennials are using … more of their discretionary income [than other generations] on travel, including travel to Europe," Steve Cohen, vice president of Insights at MMGY Global, told Travel Weekly.
Cohen added that millennials are "the driving force behind the U.S. travel industry recovery."
Cohen said the travel spending of millennials is up 20 percent compared to the previous year, which has way outpaced the average year-over-year gain of 12 percent for all U.S. households. He added that the increase in millennial travel spending is the biggest annual gain since before the recession.
Moving away from home and leaving their roots
It seems millennials are constantly on the move. As upgrades to technology continue to make it easier for employees to accomplish work on the go, a growing number of Americans feel less tied down to a particular place of work.
Not surprisingly, the same goes for homeownership, according to Fox Business. While homeownership for millennials is still lacking, it seems that demographic is content living in a variety of places.
But where are young adults flocking to? According to data from the U.S. Census Bureau, millennials are amassing in big-city suburbs and lower-density cities. Trulia made a list of the 10 hottest cities for millennials.
The top state for young adults
Colorado continues to lure millennials for a number of reasons. The state had the top city, Colorado Springs, and the fifth best city, Denver, for millennials to buy and sell real estate, according to Trulia.
Colorado Springs has attracted the demographic through growing employment with the defense industry. Fort Carlson, two Air Force bases and the U.S. Air Force Academy are all located within the city. Colorado Springs also attracts nature lovers with its wide variety of state parks and trails, making it the city with the fastest-growing millennial population.
Meanwhile, Denver rounds out the top five because it possesses hip neighborhoods and is very easy to navigate, whether on foot or by bike, according to Trulia.
"The reality is that studies show the millennial generation wants to live and work ... within a three-mile radius of an authentic city center," Tami Door, president and CEO at Downtown Denver Partnership, told the Denver Business Journal.
Other cities that continue to attract millennials
San Antonio finished second on the list behind Colorado Springs. Trulia gave it high marks for its long list of social facilities, including The Alamo, SeaWorld and the recently restored River Walk, which is loaded with bars, restaurants and shops.
Trulia also noted that San Antonio was ranked No. 11 on Forbes' Best Places for Business and Careers. The city was considered the ninth best place for job growth potential, which is a key component for the millennial workforce.
Peabody, Massachusetts, placed third on the list and Honolulu, Hawaii, took fourth.
Peabody gives millennials a chance to live close to a major city - it's 30 miles away from Boston - but avoid the traffic, pollution and costs that come with city living. This seaport city also boasts a summer concert series and numerous shops.
Honolulu received high marks for its arts, culture, food and the growing job opportunities located in the tourism industry.
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