Moving to the Midwest: 6 Reasons Why for Millennials

The millennial generation is out of college, in the workforce and moving to where jobs and the cost of living come together. Many millennials are open to living wherever they can make a decent wage, and costs in the Midwest and South are lower than on the coasts of the United States. While you’ll lose access to the ocean or megacities such as Los Angeles and New York, you’ll gain many other benefits.

Larger cities now have slower growth than some of America’s second-tier cities. Since rapid growth is found in second-tier cities of medium size in places such as Indianapolis, Indiana, Grand Rapids, Michigan and Des Moines, Iowa, there are also many additional opportunities for jobs that pay well. Add to that equation the fact that family may live in those cities and the appeal is obvious.

If you’re on the hunt for a new job, don’t automatically rule out the Midwest, but take the time to look at all the middle states have to offer by way of opportunity and amenities. You just might be surprised. Below are some of the reasons millennials are moving to the Midwest and why the middle of the country is so appealing to them.

Improved Proximity to Family

The appeal of the hometown has increased, as millennials are now getting married and having families of their own. Having the support of family close by makes raising children much easier. There are baby sitters on call who you can trust to watch your child or even a canine or feline companion. Those who grew up in the Midwest are moving back to those areas to be closer to a support system.

Buying a New Home

In some areas of the country, it is nearly impossible to afford a home of your own. You may need to come up with a down payment of 3 percent, so coming up with 3 percent of $200,000 is much easier than coming up with 3 percent of $800,000. Often, the price difference between homes in a midsize city versus a megacity is massive. The ability to own something rather than paying pricey rent is quite attractive to the younger generation, especially those starting families.

Lowering Cost of Living

One study found that 74 percent of Bay Area younger people are at least thinking about moving within five years. Another study found the same people are unhappy with the low opportunity and high cost of living in Southern California. One reason the Midwest is so attractive is the lower cost of living in its cities.

One study found that the top 25 lowest-priced cities were in the Midwest and South. Fort Wayne, Indiana, ranked the lowest in cost across the country.

Getting in on Growth

Many midsized cities have worked hard to attract tech business, encouraged startups and invested in parks and neighborhood revitalization. This means places such as Louisville, Kentucky, or Columbus, Ohio, have more to offer younger people. Local parks, restaurants and bars within walking distance and homes at a reasonable price in an up-and-coming area are all attractive to millennials.

Finding Entrepreneurial Opportunities

If you want to own your own business, midsize cities may have more room for growth than a megacity where competition is fierce. Many small- and midsized cities have active chambers of commerce that help with resources new business owners need. If you wish to open a franchise, it might be easier to find an area without that particular one in place as of yet.

Another perk for wannabe entrepreneurs is that the overall cost is lower, so rent will be less as well.

Challenging Yourself With Regrowth

Since many areas of the country are in the midst of revitalization, you may enjoy the idea of taking on the challenge of returning to your home base and helping build it back into a thriving hub again. Some cities offer incentives for those wishing to buy houses in specific areas and rehabbing those homes.

Even if there aren’t any tax or purchase incentives, you still have the opportunity to buy a house at a low price, fix it up and have a nice home located in a transformed area. This allows you to have more equity in your home than you’ve invested in it to start with.

There are many factors to consider before deciding to move to the Midwest. You’ll want to carefully weigh all options, including job opportunities, the possibility of job growth and the overall costs to live in the area. There are many reasons to consider the Midwest, but ultimately you have to choose the place that speaks to your heart, soul and pocketbook.

Holly Welles is a real estate writer with a focus on millennial experiences in renting and homeownership. You can read her latest tips on her blog, The Estate Update, and follow her on Twitter @HollyAWelles.