Best cities for Millennial homebuyers

Whether it's Jazz Fest, Mardi Gras or just any other night, New Orleans offers a lively culture, with renowned music and food.

Median home price: $158,000
Job growth: 2.5%

The Big Easy has experienced a huge "brain gain" since Hurricane Katrina, according to Ben Johnson, president of the New Orleans Chamber of Commerce.

Many young Americans came to the area as volunteers to help rebuild after the hurricane, he said. Some never left, while others returned after finishing school.

The city -- and its famed culture and nightlife -- isn't for everyone, though: "You either love it or hate it," said Johnson.

Related: Was my home a good investment?

But a recent explosion in high quality jobs in fields like information technology, film, energy and aerospace have certainly made it much more attractive.

Overall, job growth is running at a 2.5% annual pace and the unemployment rate is only 4.8%, the National Association of Realtors reported.

Inexpensive housing is also an attraction: The median metro area home price was under $160,000, according to NAR.

First published June 23, 2015: 11:06 AM ET

Source: National Association of Realtors
Rankings were based on employment data, median home prices, home price growth and affordability, as well as the percentage of Millennials living in the metro area and their share of all age groups moving to the area. Median home prices data is for the first quarter of 2014, while job growth figures are for the 12 months through May 2014.

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