Athens, Ga.

This community some 70 miles east of Atlanta is home to the 34,700-student University of Georgia, which provides Gen Y-friendly nightlife and cultural activities.

R.E.M. and the B-52s got their starts in Athens, and Rolling Stone magazine dubbed the 115,000-population city's clubs the "No. 1 College Music Scene" in 2003.

"The music scene in Athens is surprisingly hot," Reynolds says.

She adds that the university provides young adults with lots of continuing-education and spectator-sports opportunities, while Athens also hosts the Sandy Creek Nature Center and other outdoor sites.

Gen Y'ers will also appreciate Athens' low 6.5% jobless rate, $804-a-month average rent and $174,900 median home price. lists some 1,200 properties for sale there. Prices range from $18,900 for a bank-owned two-bedroom condo to $3.5 million for an 11-acre estate.

If you liked this article you might like

Nucor Is a 'Pounding-the-Table' Buy Here, Jim Cramer Says

GE Is 'One of the Toughest Stocks I've Ever Had to Deal With,' Jim Cramer Says

Buying Nvidia Now Is Like Getting Intel Way Back in 1993, Jim Cramer Says

If You Buy Just One Tech Stock, Make It This Apple Supplier, Jim Cramer Says

Make Gary Cohn the Next Federal Reserve Chair, Jim Cramer Says