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5 Great Cities for Gen Y'ers

Phoenix

Arizona's capital and largest city, Phoenix and surrounding communities host the four-campus Arizona State University -- whose 70,400 students make it America's biggest institution of higher learning. 

"Phoenix is such a big university town that you know the nightlife for millennials is very attractive," Reynolds says.

The 4.2 million-population metro area is also a sports lover's paradise, with the Arizona Cardinals football team, Phoenix Suns basketball franchise, Arizona Diamondbacks baseball club and Phoenix Coyotes hockey team all calling the city home.

Fifteen Major League Baseball teams also hold spring training there, while Phoenix is set to host the 2015 Super Bowl.

The area also features a modest 7.2% unemployment rate, $828-a-month average rent and $185,500 median home price.

If you want to move there, Realtor.com has some 3,700 Phoenix residences listed for sale. Prices start at $12,000 for a short-sale three-bedroom townhouse that needs work and run to $11.9 million for a nine-bedroom estate.

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