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Millennials not really settling in Boston, report says

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Housing costs holding them back

Boston ranked 22nd among major U.S. metropolitan areas in terms of the growth in number of millennials from 2005 to 2015, according to a report from real estate search site Apartment List.

The site analyzed census data regarding populations of 18- to 35-year-olds in different areas, adjusting for the change in the millennial population nationwide.

The meta-result? That it’s not the usual suspects such as New York, San Francisco, and Boston attracting the kids today.

Instead, they’re moving to the likes of Charlotte, Austin, and Houston—the top three in terms of millennial growth during the past 10 years, according to Apartment List.

Why these cities and not the ones you might expect?

Because of wage growth as well as how far those growing wages will go—particularly when it comes to real estate (see chart below). The Boston region has one of the lowest homeownership rates for millennials. So, perhaps not surprisingly, they’re bypassing the area when it comes time to lay down serious roots.