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Jobs, not tacos, biggest Austin draw for millennials, bank study says

Lisa Dreher
University of Texas Design graduate Joel Weber created the Texas Sunset to be laid on the heavy traffic crosswalk on the Drag across from campus and the UT Co-Op. Through a grant and donations he was able to watch as work crews from Accurate Street Stamping seal colorful traffic strips with the illusion of a Texas sunset. "It took nine months of working with the city of Austin to get this done and I'm so appreciative." said Weber, who has hopes of graduate school in architecture.

Millennials often take to Twitter to express the woes of paying rent, living on a shoestring budget and being blamed for their own housing crisis because of avocado toast

But when it comes to employment, if you’re a millennial living in Austin, you’re in the right city, according to a Bank of America study.

Based on a survey of respondents between the ages of 23 and 37,  55 percent of Austin millennials said employment opportunities are one of the best benefits of living in the city, compared to 39 percent nationally. One reason, according to the survey, is that millennials take on short-term contracts or freelancing, and the constant moving around creates job openings.

According to the American Community Survey, of Austin residents 20 to 24 years old, 70 percent are employed. Of those 25 to 29 years old, 88 percent are employed.

READ: Millennials in Austin can do better in 2 other Texas cities, study shows

“Job opportunities of all kinds are growing, but at the same time, so are housing costs and day-to-day living costs,” Bank of America region executive, David Bader, said in the news release. “That’s putting extra pressure on them to make smart financial choices.”

Austin residents continue to feel the effects of the rising cost of living. The city is becoming denser, and lower income residents are moving farther out from the city center where jobs are available. In 2017, Austin’s ?median home value rose to $362,000?, a 7-percent increase from the year before. The national median home value is $206,300, according to real estate site Zillow.

While these factors might sound ominous, the Bank of America survey also addressed how much millennials are saving. Almost half of those surveyed have $15,000 or more in savings. 

That’s a lot of avocado toast.