5 Great Cities for Gen Y'ers

The 6.3-million-population metro area also offers a 6.8% unemployment rate, a $1,314-a-month average rent and a $204,900 median property price.

There are some 4,600 Dallas houses and condos listed for sale on Realtor.com, priced from $14,900 for a three-bedroom bank-owned home to $29.5 million for a 10-acre estate.

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.

Pittsburgh

The Steel City gets the nod for its affordability, good universities and spectator sports.

"Pro sports are practically a religion in Pittsburgh," Reynolds says. "Millennials who like them are really going to go for living there."