Being broke is part of being a young adult, but the Millennial generation is marked by more of a money squeeze than has been typical. This generation came of age during the down years of the recession and, on average, carry far more college debt than previous generations.
Previous studies have tracked large numbers of Millennials choosing to locate in the Twin Cities. But twentysomethings who are looking for where to get the most for their limited budgets might think about relocating south of the metro--in Rochester, Minnesota.
The Olmsted County city just made the list of the 10 Cheapest Urban Cities for TwentySomethings, as compiled by the website CouponsDaily. Rochester was No. 7 on the list.
The Rochester Post Bulletin noted that the website made its list by comparing the cost of living, unemployment rate, nature and entertainment in urban areas.
"These cities will make sure your launch into the real world is a great one," the website post said.
The list cited Rochester's low unemployment rate (jugt 3.1 per cent) which makes it "a great place for young twentysomethings to get their career started." It also liked the city's trails and lakes for outdoor activities and and its theaters and "thriving city atmosphere."Ranking second on the list was Milwaukee, Wisconsin, which it describes as big but affordable. "Milwaukee is a hub of amazing breweries, geocaching and endless other activities. This is one of the best cities for twentysomethings due to its low-cost living and amount of entertainment," it said.Other cities on the cheap list include Phoenix, Houston; Olympia, Washington; Jefferson City, Missouri and, in the No. 1 spot, Detroit.