Liang Court is the center of the world’s millennial generation, home to 58% percent of the world’s population aged 20 to 38 years. Its vast territory has grown rapidly over the past few years as its younger generation has moved into the workforce and reshaped the economy.
This shift in landscape has benefited a number of cities in Asia Pacific Countries as they have rediscovered their urban identity to reflect a better life in the 21st century. However, others struggle to accommodate the demand for housing for young people that fits their financial situation, given the many considerations that drive them to choose a place to live.
With their consumptive lifestyle and low initiative to save, a house or apartment at an affordable price and surrounded by facilities that support their needs is the main objective of cities in Asia Pacific. The goal is none other than increasing the economic growth of millennials as the generation that dominates the productive age.
So where are the best cities in Asia Pacific for Generation Y to live in? Singapore-based financial analytics site VaueChampion assessed 20 major cities in the Asia Pacific region to find out the best cities for millennials. Using data from The Economist, the World Economic Forum (WEF), and the World Health Organization (WHO), the study measures each city against three key metrics, including job prospects, cost of living, and quality of life. The average score will be overall will determine the final result.
With its reputation as one of the most liveable cities in the world, it might come as no surprise that Melbourne has emerged as one of the best cities to live in for millennials. The reason is, this coastal city located in the southernmost part of Australia offers everything millennials need to live.
Australia’s second largest city benefits from its diverse performing arts, iconic sports stadium and strategic location close to the beach. Making Melbourne the second best city that offers the best quality in Asia Pacific. Meanwhile, in terms of cost of living, residents only spend around 20% of their income on houses or apartments, making Melbourne ranked third out of the five best countries to live in.
But unfortunately, these two metrics look bad just because of the job outlook aspect. Melbourne’s unemployment rate is expected to average 5%. The city ranks 18th for job prospects with Sydney and is ahead of the City of Jakarta, Indonesia.
One of China’s most populous cities, Guangzhou, secured a spot in the top five cities for millennials to live in in Asia Pacific. One of the advantages that Guangzhou offers over other cities is its low cost of living metric.
This city with a population of over 14 million residents scored the highest score on the affordability metric of living costs and ranks first with Seoul, South Korea. Based on data from Value Champion, the average resident in Guangzhou spends about 22% of their income on housing rentals.
Unfortunately Guangzhou lags behind in terms of job prospects and quality of life, however, each of the two metrics ranks seventh and eleventh out of a total of 20 cities in Asia Pacific, respectively. This is due to high unemployment and pollution levels.
Hong Kong, China
China has again added its city as the best city for millennials to live in in Asia Pacific. This time, Hong Kong, which has had a massive demonstration for some time, is worthy of consideration for you to work and live. Despite being known as a city known for its high cost of living, Hong Kong is ranked third due to its strong job prospects and thriving lifestyle.
Hong Kong is one of the leading Economic centers in Asia, this Chinese administrative district ranks third in the job outlook metric. Meanwhile, the high life expectancy and many entertainment options make Hong Kong ranked sixth in terms of quality of life.
However, the drawback of this city is its high lifestyle that makes residents spend an average of 31% of their income on rent. The city also ranks a mediocre ninth in cost of living, alongside the City of Auckland, New Zealand.
If millennials want to strike a balance across all metrics, then Japan’s capital, Tokyo is the second best city in asia for them. A friendly business district and an unemployment rate of only 2.5%, the city is ranked fifth in terms of job prospects. On the other hand, low levels of pollution and crime mean the city has an equally good quality of life score.
However, the high cost of living makes Tokyo lagging behind other cities. Tokyo residents spend at least 27% of their income on rent. According to ValueChampion, savings in Tokyo usually come from transportation, groceries and entertainment costs.
This small city located close to Batam, Indonesia is ranked first as the best city to live in for millennials according to a ValueChampion study. Despite its small size compared to other cities, Singapore recorded the highest Gross Domestic Product (GDP) of all the cities studied.
Conditions coupled with the unemployment rate which was only at 2.2% and supported by an accommodative business environment, made Singapore in the first position in terms of job prospects.
Meanwhile, low pollution levels, high security, and diverse entertainment make Singapore a city that ranks at the top in terms of quality of life. However, all the happiness that Singapore has to offer has its price. The city scores relatively poorly in terms of cost of living and sits in seventh place far behind Taipei, Taiwan.