Austin has emerged as the top destination for affluent millennials in a comprehensive ranking of 73 U.S. metropolitan areas. The study, conducted by the estate‑planning service Trust & Will, tracked key indicators such as jobs, income, assets, and housing to identify the markets where young adults are building wealth.
The Trust & Will Study
Trust & Will’s analysis aimed to map the economic landscape that attracts and supports millennial wealth creation. By examining employment trends, household income changes, asset accumulation, and real‑estate dynamics, the report provides a data‑driven snapshot of how different metros stack up for this demographic.
Austin’s Ranking
According to the report, Austin – including the surrounding Round Rock and San Marcos areas – secured the number one spot for affluent millennials. This ranking places the city ahead of all other U.S. metros in the study’s criteria.
Key Economic Indicators
The report lists a series of metrics that illustrate why Austin leads. Below are the figures that place the city at the forefront:
- Millennial Population Density: 25.84%
- 55‑year GDP Growth: 63.50% (#1)
- Employment Change: 19.38% (#2)
- Median Household Income Change: 23.45% (#33)
- Startup Density: 16,876 (#21)
- Wealth Concentration Rank: 8
- High‑Income Tax Filers: 9.39% (#7)
- High‑Value Asset Indicator: 12.80% (#15)
- Housing & Real Estate Rank: 10
- Zillow Home Value Index: $451,858 (#25)
- Real Estate Permits Change (5‑yr): 22.54% (#17)
Population Density
A millennial population density of 25.84% indicates that a sizable portion of the city’s residents are within the 25‑34 and 35‑44 age brackets, a group that typically seeks long‑term financial stability.
GDP Growth
A 55‑year GDP growth rate of 63.50% ranks Austin at the top of the list, showing sustained economic expansion over more than half a century.
Employment Change
Employment grew by 19.38%, placing Austin second in the study. This rise reflects a robust job market that attracts and retains young professionals.
Median Household Income
The median household income increased by 23.45%, ranking 33rd. While not the highest, the growth rate signals improving earnings for families.
Startup Density
With 16,876 startups, Austin ranks 21st, underscoring a vibrant entrepreneurial ecosystem that offers opportunities for career advancement and investment.
Wealth Concentration
A wealth concentration rank of 8 shows that high‑net‑worth households are more common in Austin than in most other metros.
High‑Income Tax Filers
High‑income tax filers make up 9.39% of the population, ranking 7th. This figure indicates a significant presence of individuals with substantial taxable income.
High‑Value Asset Indicator
The high‑value asset indicator stands at 12.80%, ranking 15th. This metric reflects the proportion of residents holding assets above a certain threshold.
Housing & Real Estate
Housing and real‑estate activities rank 10th, demonstrating strong market engagement from residents and investors alike.
Zillow Home Value Index
The Zillow Home Value Index for Austin is $451,858, ranking 25th. This valuation shows the median price of homes in the area.
Real‑Estate Permits
Real‑estate permits increased by 22.54% over five years, placing Austin 17th. The growth in permits signals ongoing construction and development activity.
Report Highlights
The study’s authors emphasized the city’s favorable conditions for wealth building. “With an estimated $124T wealth transfer underway, Austin is best positioned for millennials to save, invest, and purchase homes in the years ahead,” the report said.
Further, the report noted the city’s overall advantage: “Net‑net, Austin combines fast output, opportunity for prime‑age talent and strong wealth signals, with a construction pipeline that helps absorption,” it added.
Key Takeaways
- Austin leads all U.S. metros for affluent millennials.
- Strong GDP growth and employment change underpin the city’s economic vitality.
- Housing, startup activity, and wealth concentration metrics highlight Austin’s appeal to young professionals.
In sum, the Trust & Will report paints a picture of Austin as a magnet for affluent millennials, offering a blend of job prospects, rising incomes, and a dynamic real‑estate market that together create a fertile environment for wealth accumulation and home ownership.
Morgan J. Carter is a Texas-based journalist covering breaking news, local government, public safety, and community developments across Austin. With more than six years of reporting experience, Morgan focuses on delivering accurate, clear, and timely stories that reflect the fast-moving pulse of the city.
At newsofaustin.com, Morgan reports on everything from severe weather alerts and traffic updates to city council decisions, crime reports, and the issues shaping daily life in Austin. Known for reliable fact-checking and a strong commitment to public-interest journalism, Morgan brings readers the information they need to stay informed and engaged.
When not tracking a developing story, Morgan enjoys exploring Austin’s neighborhoods, attending local events, and connecting with residents to share the voices and experiences that define the community.
