A new ranking of 73 metros places Phoenix-Mesa-Chandler at No. 3 for affluent millennials. The analysis from Trust & Will tracks jobs, income, assets, housing, and real estate to show where millennials are building wealth now and where conditions point to future growth..
Local signals: five-year GDP growth of 51.54% (#4), building permits +31.29% (#6), startup density of 26,894 (#11); millennial population density is 21.39%. Areas to watch are employment growth 9.65% (#24) and high-income filers 5.61% (#30).
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Millennials are entering a financial environment unlike ever before. Estimates differ, but they all point to somewhere around $124 trillion that will be transferred to younger generations within the next 20 years. In terms of shaping careers, buying homes, investing and local economic development – that amount of money will significantly impact millennials’ lives as they are set to receive the largest share of the Great Wealth Transfer.
Trust & Will analyzed eight indicators across the 73 most populated millennial U.S. metros to identify where affluent millennials currently reside and where conditions point to future growth. The Index is made up of local GDP growth, growth in employment for people aged 25-44, median household income growth, recent start-up activity, the number of high-income filers and high-value asset holders and two housing indicators: the Zillow Home Value Index and a five-year trend of building permit applications.
The 10 best-performing metros tend to be in the South and West. This is not indicative of a migration pattern; it shows where the eight indicators currently align.
The large-scale wealth transfer to come will put millions of larger, more complex assets in the hands of younger individuals. Preparing for that is important. By having clear beneficiary designations, an updated will or trust, and a simple plan for what to do with money in the immediate future, you can avoid making mistakes when money starts moving.
Top 5 cities for affluent millennials
1) Austin–Round Rock–San Marcos, TX
Overall Rank: 1
Millennial Population Density: 25.84%
- Economic Indicators Rank: 5
- 5‑yr GDP Growth: 63.50% (#1)
- Employment Change: 19.38% (#2)
- Median HH 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: 22.54% (#17)
Best positions are GDP growth #1 and prime‑age employment #2, both top 3% of the study. High‑income filers #7 is in the top 10%. A softer spot is median income growth #33, about the 45th percentile. Permits #17 are the top 23%. Net‑net, Austin combines fast output, opportunity for prime‑age talent and strong wealth signals, with a construction pipeline that helps absorption.
2) Raleigh–Cary, NC
Overall Rank: 2
Millennial Population Density: 21.59%
- Economic Indicators Rank: 8
- 5‑yr GDP Growth: 46.45% (#10)
- Employment Change: 11.55% (#16)
- Median HH Income Change: 25.17% (#21)
- Startup Density: 8,188 (#36)
- Wealth Concentration Rank: 11
- High‑Income Tax Filers: 8.46% (#8)
- High Value Asset Indicator: 3.46% (#41)
- Housing & Real Estate Rank: 11
- Zillow Home Value Index: $450,409 (#26)
- Real Estate Permits Change: 22.64% (#16)
High‑income filers #8 sits in the top 11%, while GDP growth #10 is top 14% and permits #16 top 22%. The lag is high‑value assets #41, lower half of the study. Raleigh’s appeal is a balanced economic base with steady wealth signals and an active building pipeline.
3) Phoenix–Mesa–Chandler, AZ
Overall Rank: 3
Millennial Population Density: 21.39%
- Economic Indicators Rank: 6
- 5‑yr GDP Growth: 51.54% (#4)
- Employment Change: 9.65% (#24)
- Median HH Income Change: 24.93% (#22)
- Startup Density: 26,894 (#11)
- Wealth Concentration Rank: 26
- High‑Income Tax Filers: 5.61% (#30)
- High Value Asset Indicator: 13.82% (#14)
- Housing & Real Estate Rank: 7
- Zillow Home Value Index: $456,834 (#24)
- Real Estate Permits Change: 31.29% (#6)
Permits #6 and GDP growth #4 both land in the top 8% of metros, and startup density #11 is top 15%. Weaker points are employment growth #24 and high‑income filers #30, both around mid‑pack. Phoenix mixes a strong build pipeline and entrepreneurship with solid but not dominant wealth density.
4) Boise City, ID
Overall Rank: 4
Millennial Population Density: 20.97%
- Economic Indicators Rank: 4
- 5‑yr GDP Growth: 56.26% (#2)
- Employment Change: 15.77% (#4)
- Median HH Income Change: 26.23% (#14)
- Startup Density: 6,400 (#44)
- Wealth Concentration Rank: 32
- High‑Income Tax Filers: 5.66% (#29)
- High Value Asset Indicator: 2.11% (#54)
- Housing & Real Estate Rank: 13
- Zillow Home Value Index: $493,999 (#19)
- Real Estate Permits Change: 9.85% (#31)
Economic momentum is the headline. GDP #2 and employment #4 are both top 6%. Startup density #44 and high‑value assets #54 are in the lower half. Boise shows how fast growth and stable housing values can offset thinner legacy wealth.
5) Denver–Aurora–Centennial, CO
Overall Rank: 5
Millennial Population Density: 25.36%
- Economic Indicators Rank: 14
- 5‑yr GDP Growth: 44.77% (#13)
- Employment Change: 9.19% (#27)
- Median HH Income Change: 23.59% (#30)
- Startup Density: 20,425 (#17)
- Wealth Concentration Rank: 9
- High‑Income Tax Filers: 8.23% (#10)
- High Value Asset Indicator: 10.49% (#20)
- Housing & Real Estate Rank: 15
- Zillow Home Value Index: $592,884 (#11)
- Real Estate Permits Change: -5.23% (#48)
Wealth depth is the standout. Wealth rank #9 is top 12%, and high‑income filers #10 is the top 14%. ZHVI $592,884 is the highest price point among the top 10, while permits #48 sit in the bottom third. Strong networks and higher prices define the trade‑offs.
