MONEY Impact Investing

How to Change the World—and Make Some Money Too

Young adults flock to investments that promote social good. This was a hot topic at a big ideas festival over the weekend and is front and center with financial firms.

Social investing has come of age, driven by a new generation that is redefining the notion of acceptable returns. These new investors still want to make money, of course. But they are also insisting on measurable social good.

Millennials make up a big portion of this new breed, and their influence will only grow as they age and accumulate wealth. The total market for social investments is now around $500 billion and growing at 20% a year. As millennials’ earning power grows and they inherit $30 trillion over the next 30 years, investing for social good stands to attract trillions more.

So what began in the 1980s as a passive movement to avoid the stocks of companies that sell things like tobacco and firearms has broadened into what is known as impact investing, a proactive campaign to funnel money into green technologies and social endeavors that produce measurable good. Clean energy and climate change are popular issues. But so is, say, reducing the recidivist rate of lawbreakers leaving prison.

Impact investing was a hot topic this weekend at The Nantucket Project, an annual ideas festival that aims to change the world. Jackie VanderBrug, an analyst at U.S. Trust, noted that 79% of millennials would be willing to take higher risks with their portfolio if they knew it would drive positive social change. Based on data from Merrill Lynch, that compares to about half of boomers with a social investing screen and even fewer of the oldest generation. VanderBrug also noted that women of all ages, an increasing economic force, tend to favor these strategies.

Speaking at the conference, Randy Komisar, a partner at the venture capital powerhouse Kleiner Perkins Caufield Byers and author of The Monk and the Riddle, said, “This generation is the most different of any since the 1960s.” He believes millennials are chipping away at previous generations’ affinity for growth and profits at any cost. Young people embrace the idea that you work not just for money but also for experience, satisfaction and joy.

Komisar noted the rise of B corporations like Patagonia and Ben and Jerry’s. These are for-profit enterprises that number 1,115 in 35 countries and 121 industries. Since 2007, the nonprofit B Lab has been certifying the formal mission of companies like these to place environment, community and employees on equal footing with profits. There are many more uncertified “Benefit” corporations. Since 2010, 41 states have passed or begun working on legislation giving socially conscious Benefit corporations special standing. Legally, they are held to a higher standard of community good, but they have cover from certain types of shareholder lawsuits.

Both types of B corporations acknowledge that their social mission gives them an important advantage hiring young adults, who in surveys show they place especially high value on the chance to make a social impact through work. “If your company offers something that’s more purposeful than just a job, younger generations are going to choose that every time,” Blake Jones, chief executive of Namasté Solar, a Boulder, Colo., solar-technology installer and B Corp. told The Wall Street Journal.

Industries that do not address the wider concerns of millennials will increasingly become marginalized. The financial analyst Meredith Whitney, who rose to prominence calling the subprime mortgage disaster, told the gathering in Nantucket that financial services firms have been among the slowest to consider sustainability issues—“and that’s why I think they are in trouble.”

Yet banks may be starting to come along. Bank of America clients have about $8 billion invested along sustainability lines, the bank says. And its Merrill Lynch arm has been a leading explorer of “green” bonds, which raise money for specific causes and pay investors a rate of return based on whether the funded programs hit certain measures of achievement.

Late last year, Merrill raised $13.5 million for New York State and Social Finance for a program to help formerly incarcerated individuals adjust to life outside prison. How well the bonds perform depends on employment and recidivism rates and other measures taken over five and a half years. The firm is now looking into a similar bond issue to fund programs for returning war veterans.

For now, green bonds are aimed at institutional investors, especially those charitable foundations willing to risk losses in their effort to change the world. The J.P.Morgan 2014 Impact Investor Survey found that about half of institutions investing this way are okay with below-average returns.

Young people saving for retirement and faced with a crumbling pension system can’t really afford the tradeoff, at least not on a large scale. That’s partly why they want their job or company to have a higher purpose. But ultimately some version of green bonds, perhaps with a more certain return, will be open to individuals for the simple reason that four out of five young adults want it that way.

TIME society

The Right Way to Ask Boomers to Retire

Millenials Baby Boomers retirement
Jacob Wackerhausen—Getty Images

How ‘polite’ Millennials can convince a generation of workaholics to give up their jobs

Millennials (born 1982-2003) have a problem when it comes to their path to promotions and career advancement. Unless more members of the Baby Boom generation (born 1946-1964) start stepping down soon, younger generations will find themselves blocked in their careers by people who haven’t shown any inclination to leave, especially after the Great Recession devastated many Boomers’ retirement portfolios.

It’s time for Millennials to have that tough talk about retirement with Boomers. But using logic or making appeals to intergenerational fairness aren’t likely to be successful strategies. And suggesting that it’s time for Boomers to shuffle off the stage might seem selfish or cold-hearted to most members of the remarkably well-mannered Millennial generation. Nor is any suggestion that Boomers retire likely to meet with a positive response from that generation of workaholics. Instead, the talk needs to be couched in the language of Boomers and attuned to their fundamental values.

We have written three books on the Millennial generation in which we used the theory of generational cycles, first proposed in 1991 by authors William Strauss and Neil Howe, to make our own predictions about America’s political future. Along the way, we studied volumes of research data, and created some of our own, on each of the current generations of Americans and the dynamics of their interactions with each other.

Boomers are an “Idealist generation” to use Strauss’ and Howe’s name for a generational archetype that is focused on deeply held ideological beliefs. Previous American Idealist generations—the Transcendental generation (born 1792-1821) and the Missionary generation (born 1860-1882)—had one key characteristic that is clearly evident in Boomer behavior today. All Idealist generations are driven by strong beliefs about what is right and wrong and what is good and evil. Members of this type of generation resist compromise and are determined to impose their beliefs on the rest of society—even if it means tearing down existing institutions.

By contrast, Millennials are a “civic generation” in Strauss’ and Howe’s categorization. Their historical predecessors were the GI generation that came of age during the Great Depression and World War II and the Republican generation that won the American Revolution and developed the constitutional order by which America has been governed since 1787. All of these civic generations can be characterized as “pragmatic idealists.” Today’s version, Millennials, is interested in working together to make the world better. It is this desire to find mutually agreeable solutions to problems that makes having the “talk” with their Boomer colleagues so hard for Millennials.

But there is a way to turn the discussion into the type of “win-win” outcome that Millennials favor. The key is to appeal to the very ideals that have driven Boomers’ lives ever since they first burst upon the nation’s consciousness in the 1960s. Since then, no matter on which side of the Cultural Revolution they have fought, Boomers have devoted themselves to their work. They are the source of the term “workaholic” and take pride in what they accomplish at work each day. They define their very self-worth by their work, leading them to start conversations with new acquaintances by asking, “So what do you do?” To suggest to Boomers that it might be time for them to retire is almost the equivalent of asking them to die—clearly not the way to start a productive conversation.

Instead, Millennials should begin the conversation by asking Boomers about their ideals and values. Get them to talk about what motivated them when they were young to make the life and career choices they did. Most Boomers love to talk about their youth. They think of it as the best time in their lives. So starting the conversation in this way is likely to make the opening of the “talk” both pleasant and productive.

The next step would be to pivot from the past into the future by asking Boomers what they believe they have yet to accomplish. This should be followed by a suggestion that now might be the time for the Boomer to take up the work that remains undone on their ideological bucket list before it is too late and they lose their ability to make a difference. Assure them that there are other people, maybe from Generation X, if not the even younger Millennial generation, that can pick up the work in which Boomers are now engaged and see it through to completion.

But, crucially, Millennials should also make it clear that no one but Boomers have the wisdom and experience, coupled with the ideals, to take on the challenges they have been too busy to tackle. At that point, moving out of their jobs—and on to their unfinished business—will become something Boomers think they should do, rather than something that is being forced upon them.

The history of previous Idealist generations underlines the importance of having these conversations sooner rather than later. Strauss and Howe, in their book Generations, summarize the very different outcomes that resulted from the choices made by members of Idealist generations at this crucial point in their lives: “Where the angry spiritualism of Transcendental youth (born 1792-1821) culminated in the apocalypse of the Civil War, the Missionaries (born 1860-1882) demonstrated how a youthful generation of muckrakers, evangelicals, and bomb-throwers could mature into revered and principled elders—wise old men and women capable of leading the young through grave peril to a better world beyond.” Members of this generation, such as Franklin Delano Roosevelt, Winston Churchill, Douglas MacArthur, and George C. Marshall successfully mobilized the civic-minded GI generation to undertake and complete the task of remaking the world according to our democratic ideals.

By analogy, suggesting that it’s time for the current generation of Idealists, Boomers, to lead this increasingly dangerous world to a better place by putting aside their current work and taking on their last and most important challenge is the best way for Millennials to convince Boomers it’s time to move on. The current state of affairs makes it clear that it is way past time for Millennials to start this difficult conversation. Our advice to Millennials: Don’t wait another minute to have the “talk” with a Boomer you know.

Mike Hais and Morley Winograd of Mike & Morley, LLC are business partners whose combined careers include entertainment and media market research (Frank N. Magid Associates), a stint in the White House (Clinton-Gore second term), technology and communications (AT&T), and academia (USC’s Marshall School of Business and the University of Detroit). Based in Los Angeles, Mike & Morley speak, write and consult on the role of Millennials in remaking America. They are the co-authors of Millennial Makeover (2008), Millennial Momentum (2011), and Millennial Majority (2013).

This article originally appeared on Zócalo Public Square.

TIME Ideas hosts the world's leading voices, providing commentary and expertise on the most compelling events in news, society, and culture. We welcome outside contributions. To submit a piece, email ideas@time.com.

MONEY Food & Drink

7 Reasons Our Coffee Habit Is Costing More These Days

dollar sign made out of coffee beans
Andrew Unangst—Getty Images

In a relatively short period of time, the American coffee habit has gotten a lot more expensive.

Monday, September 29, is National Coffee Day, when restaurant and coffee chains around the country are giving out free (or extremely cheap) cups of Joe to the masses. The day is quite the exception, however, given how as a nation we are spending more and more on coffee.

Here are 7 reasons why:

We’re drinking coffee earlier in life. A study published this year by S&D Coffee & Tea shows that on average, younger millennials start drinking coffee at age 15, while older millennials picked up the habit at 17. Typical members of Gen X, meanwhile, started drinking coffee at 19.

More of us drink coffee regularly. U.S. coffee consumption rose 5% in 2013, according to a National Coffee Association survey, meaning that today 83% of the adult population drinks coffee; 75% have coffee at least once a week.

And we’re drinking higher-priced coffee at that. Data from 2014 shows that 34% of Americans drink gourmet coffee daily, an increase of 3% over last year. Young people in particular are willing to pay higher prices for coffee: In a new PayPal poll, 18% of people age 18 to 34 said they are willing to pay more than $3 per cup, compared with just 8% of those age 50 to 64.

We eat breakfast outside the home more often. Our fast-moving, on-the-go culture has been blamed as a reason for declining sales of cereal and milk, as more Americans are skipping the traditional breakfast at home and opting for foods that can be eaten on the run, like Pop Tarts and fast food via the drive-thru. In fact, breakfast has become enormously important to quick-serve restaurants because it’s the one mealtime experiencing strong growth lately. Coffee purchased at a restaurant or on the go at a convenience store or café is always more expensive than coffee brewed and drunk at home.

One word: Keurig. “In 2002, the average price of a coffee maker was about $35,” a recent post at the Northwestern Kellogg School of Management blog stated. “By 2013, that number had risen to around $90.” Truth be told, it’s still easy to find a coffee maker for $35 or even less, it’s just that the type of machine—the traditional kind that brews ground coffee by the pot—is no longer typical. It’s been replaced by the pricier single-cup brewer that came into the mainstream over the last decade thanks to the Keurig company. For many consumers, the speed and convenience of such machines outweighs the premium one must pay beyond the plain old-fashioned coffee maker. Some 1.7 million single-cup Keurig brewers were sold in the second quarter of 2014, an increase of 200,000 over the same period a year before.

Plus, K-Cups themselves are pricier. It’s not just the single-cup machines that cost more—the cups themselves do too. The price per single-serve K-Cup pod varies widely depending on the style of roast, whether you’re buying a small pack or stocking up in bulk, and how strategically you shop for deals. But no matter how good you are at snagging deals, you’ll almost always pay more for coffee pods than you will for old-fashioned ground or whole bean coffee. One price-comparison study conducted a couple of years ago indicated that K-Cup coffee cost more than $50 per pound, roughly four times the cost of a bag of Starbucks or Dunkin’ Donuts beans. What’s more, K-Cups are subject to a 9% across-the-board price hike in early November. (Side note: Mother Jones and others have pointed out that single-use K-Cups cost more and are worse for the environment than recyclable pod filters, though Keurig Green Mountain has plans to make all K-Cup pods fully recyclable by 2020.)

All coffee is simply getting more expensive. A long-lasting drought in Brazil (the world’s biggest producer of coffee beans) has pushed global coffee prices to near-record highs, and the market may be affected for years to come. Already this year, java junkies have faced price hikes from coffee brands such as Starbucks, Folgers, Maxwell House, and Dunkin’ Donuts. Interestingly, even as coffee has gotten more expensive and economic growth hasn’t exactly been sizzling in recent years, Starbucks sales have outpaced lower-priced competitors Dunkin’ Donuts and McDonald’s. What does that show us? For the most part, coffee lovers are passionate about their caffeinated beverages and aren’t going to trade down to what they view as an inferior cup of Joe, even if doing so would save a couple of bucks here and there.

MONEY buying a home

The Surprising Feature Millennials Insist on When Buying a Home

Century 21 CEO Richard Davidson explains what young, single home buyers value in a new house.

MONEY Shopping

You’ll Never Guess What Store Sells the Most Vinyl Records

Urban Outfitters Store in Herald Square, NYC, 2014.
Urban Outfitters Store in Herald Square, NYC, 2014. Patti McConville—Alamy

It's the same store known for selling supposedly hip, intentionally offensive clothing—and then apologizing in mock surprise when people are offended.

It’s Urban Outfitters, the clothing chain that recently received grief and load of media attention by marketing a seemingly blood-stained—or was it just vintage and discolored?—Kent State sweatshirt, (The store has also in the past has sold controversial, ill-conceived designs such as a T-shirts with slogans like “Depression” and “Eat Less” and bottles that look like they hold prescription drugs.) Urban Outfitter stores have been selling vinyl records for years, in a campaign that’s been so successful it’s drawn imitators trying to attract hipster music lover customers. You can get vinyl with your kale at some Whole Foods stores.

Now Urban Outfitters is claiming to be the biggest seller of vinyl records in the world. “Music is very, very important to the Urban customer,” CEO Calvin Hollinger said in a meeting with analysts this week (HT: Buzzfeed). “In fact, we are the world’s number one vinyl seller.”

At first glance, it might seem odd for a youth-focused apparel retailer to be in the business of selling music—especially one using technology that was considered old-fashioned and dying in the 1980s. But when you think a little deeper about vinyl records, and who’s interested in them, the sales category makes more sense. For one thing, records tend to have a longer shelf life than fast fashion. No matter how many fashion cycles pass, people will still want to listen to (and buy) the music of the Sex Pistols and Bob Marley and the Ramones. It doesn’t take up a whole lot of space in a store to hold a few hundred records, and the same customers who enjoy flipping through the albums are likely to be put in the mood for browsing other merchandise.

What’s more, in many parts of the country, there are no record stores left, so Urban Outfitters is the only option left—a surprisingly good option, as many skeptics have found. “I kept finding more and more crates full of more and more records,” one Village Voice writer stated regarding a shopping venture to Urban Outfitters last summer. “And pretty decent ones! And not super expensive (generally between $10 and $20).”

Perhaps most importantly, even as streaming has crippled sales of CDs and digital downloads, vinyl record sales are on the upswing. Nielsen data shows that for the first six months of 2014, vinyl LP sales were up 40% compared to the same period of a year prior. What’s behind the surge in vinyl?

“Ask any number of your friends who collect and listen to vinyl records, and there’s a good chance they’ll tell you vinyl just sounds better than anything else,” a recent Motley Fool post summed up. There’s also the hipster factor, combined with nostalgia and the collectability of classic and obscure record album covers. “In short, vinyl is cool.”

Also interesting: Starting in 2008, an event dubbed Record Store Day has been celebrated every April, in which more than 1,000 independent stores in the U.S. have special promotions and roll out new albums on vinyl for sale. The 2014 edition of Record Store Day was the most successful ever, with sales up 58% over the previous year’s event, and up 91% compared to the previous week, according to Rolling Stone.

Last year, a Record Store Day imitation event was added to the mix, and its second incarnation actually takes place this Saturday in select stores. Something tells us it won’t be quite as successful as Record Store Day, however. It’s called Cassette Store Day.

TIME singles

Why 25% of Millennials Will Never Get Married

A new report from Pew Research predicts that more folks under 35 will be single forever. Here's why

The number of Americans who have always been single and will never marry is at a historic high, says a new Pew Research report, partly because they don’t have jobs and partly because marriage is becoming less highly-regarded. Most people think it’s important for couples who intend to stay together to be married, but the number of single Americans who want to get married has dropped significantly even in the last four years.

The report, based on census data and Pew’s surveys, is the latest in a series of indicators that marriage’s stock is on a sharp downward trajectory. Fewer young people are getting married and many are getting married later. About 20% of Americans older than 25 had always been single in 2012, up from 9% in 1960. In the black community, the numbers are even starker: 36% of black Americans older than 25 have never been married, a fourfold increase from 50 years ago.

The one number that hasn’t really budged is the percentage of 64 year olds who have never been married. In 1960, it was 8% and in 2012, it was 7%. But the report’s authors Wendy Wang and Kim Parker say this might be changing. Each decade, the percentage of people of marriageable age who are single has grown. “When today’s young adults reach their mid-40s to mid-50s, a record high share (roughly 25%) is likely to have never been married,” they write. “This is not to say that adults in their mid-40s to mid-50s who still haven’t married will never marry, but our analysis suggests that the chance of getting married for the first time after age 54 is relatively small,” adds Parker.

Why aren’t people getting married anymore? The three main reasons people give for their singleness are that they haven’t found the right person (30%), aren’t financially stable enough (27%) and are not ready to settle down (22%). Many more young people are eschewing tying the knot, at least for a while, for shacking up. The researchers don’t see that as the new normal yet. “Cohabitation is much less common than marriage and cohabiting relationships are much less stable than marriages,” says Parker.”It’s hard to imagine marriage being replaced any time soon.”

But the Pew researchers teased out a bunch of other reasons by asking what people wanted in a partner.

The quality most women want in a husband, somewhat unromantically, is a secure job, followed very closely by similar ideas on raising kids, which was the quality most men wanted in a spouse. The problem is, the report points out, that young men are increasingly less likely to be employed. “In 1960, 93% of men ages 25 to 34 were in the labor force; by 2012 that share had fallen to 82%.” Those young men who are employed are not bringing home as much bacon as they once did. In fact, if you adjust for inflation, the median hourly wages of men aged 25 to 34 are a fifth less than they were in 1980.

Compounding that issue is that women have entered the labor force in much higher numbers. So while there are more men than women who are single and available, there are far fewer employed men who are single than employed women. Fifty years ago there were 139 single young men with jobs for every 100 single young women; that ratio has now dropped to 91:100. “If all never-married young women in 2012 wanted to find a young employed man who had also never been married, 9% of them would fail,” says the report, “simply because there are not enough men in the target group.”

But lest that bum all the single ladies out too much, the report points out that single young women don’t have to marry single young men: they can marry guys who are divorced, widowed or much older. Should they bother? Now that comedian Sarah Silverman has declared marriage barbaric, is it done? The Pew researchers don’t think so.

“Marriage hasn’t fallen out of favor,” says Parker, “but financial constraints and imbalances in the marriage market may be holding people back from taking the plunge.”

MONEY

Student Debt Could Cost Housing Market $83B This Year

It might as well be a curse word for young adults. Student loans are now blamed for what would be a staggering, industry-shaking drop in home sales.

MONEY retirement planning

Why Housing Costs Are the Biggest Threat to Your Retirement

House on top of cash
Caroline Purser—Getty Images

We should be looking at smaller "starter" homes as our "stay put" homes.

If there is one thing we have been trained to fear about retirement, it’s crippling medical bills that threaten to force us out of our homes and decimate our nest eggs. But it turns out that we might be better off worrying about our future housing expenses, as these costs are the single largest category of spending in retirement.

Moreover, the costs of maintaining a home remain stubbornly high as we age, according to a new analysis by the Employee Benefit Research Institute. For those 75 and older, housing expenses accounted for a whopping 43% of spending, even as other expenditures (except for health care) dropped.

Time was that retirees were supposed pay down their mortgages or drastically downsize their homes before retirement. But that behavior has changed, perhaps as a result of the refinancing boom or the housing crash—or both. According to the Consumer Finance Protection Bureau, more people are carrying mortgage debt into their retirement years, up from 22% in 2001 to 30% in 2011.

Even as the rate of homeownership has remained stable, the median amount owed on mortgages for people aged 75 and older increased 82% during that same decade, from $43,000 to $79,000. Delinquency in paying mortgages and foreclosures also greatly increased for seniors from 2007 to 2011.

The lesson in all this is that while financing one’s home can be hugely beneficial, mortgages can grow into significant burdens when you’re living on a fixed income. The time to stretch yourself financially on a home is not when you’ve already left the workforce and have no way to make more money.

It’s not just larger mortgages that saddle retirees—it’s everything that comes with homeownership, including property taxes, homeowner’s insurance, home repairs, housecleaning, gardening and yard services. At the same time, transportation, entertainment and travel expenses all tend to decline as a natural course of retirement.

It seems that people have an easier time forgoing vacations and restaurant dining than they do square footage and lawns, which is understandable. The comforts of home can bring great stability during a time of transition. But as we struggle to figure out how much money we will need in retirement, we might need to consider how to defray the expense of these patterns.

For those in mid-career, now is the time to get control of our mortgage costs. As a recent study by Pew Charitable Trusts shows, Gen X has lower wealth than their parents did at their age, in large part because they hold nearly six times more debt, including student loans, unpaid medical bills and credit card balances. And that’s despite having generally higher family incomes than their parents did.

Given these headwinds, we may want to rethink the American way of constantly trading up to larger houses through our 40s and 50s. The more we grow accustomed to more luxurious living, the harder it will be to downsize when it makes sense. Perhaps instead of looking at smaller houses merely as “starter homes,” we should be looking at them as “stay put” homes instead.

Millennials face a different challenge. After taking longer to get started in their careers, they will end up buying houses later in life, which means they risk carrying significant mortgages into retirement. They would benefit from not biting off more than they can chew—putting more cash down than the minimum, not buying more house then they can really afford, and making sure to max out out their 401(k)s or IRAs. Home equity can be an excellent investment, but only if it enhances rather than jeopardizes financial security—now and in the future.

Konigsberg is the author of The Truth About Grief, a contributor to the anthology Money Changes Everything, and a director at Arden Asset Management. The views expressed are solely her own.

MONEY Millennials

10 Places Millennials Are Moving For Bigger Paychecks

140918_CAR_MillennialsMove_NewOrleans
With 5.1% unemployment and low-priced homes, New Orleans is a top town for millennials. John Coletti—Getty Images

Over the past five years, Gen Yers have decamped for some surprisingly pricey cities in search of a higher-paying job.

Millennials are on the hunt for high-paying jobs, and they’re moving to some unexpected places to find them, according to a new report out today.

Bruised by the rough post-recession job market, Gen-Yers are moving from lower-cost cities to places with a higher cost of living but more plentiful and lucrative jobs, a RealtyTrac analysis of Census data from 2007 through 2013 found.

“Millennials are attracted to markets with good job prospects and low unemployment, but that tend to have higher rental rates and high home-price appreciation,” says Daren Blomquist, vice president of RealtyTrac. “It’s a tradeoff.”

In the 10 U.S. counties with the biggest increase in millennials, the average unemployment rate is 5.2%, well below the national average of 6.1%. The average household income is $62,496, vs. $51,058 nationally. The median home price is $406,800 (nearly double the U.S. median of $222,900), while a three-bedroom apartment rents for $1,619 a month on average, just over the national average of $1,550.

Riding the robust job market in the D.C. area, two counties in Northern Virginia with unemployment rates below 3.7% top the list. But not all places that the 69-million-strong millennial generation are flocking to are expensive. New Orleans, where the median home price is $140,000, edged out San Francisco, where tech jobs may be plentiful but the median home price is nearly $1 million.

New Orleans, where the unemployment rate is 5.1%, is a transportation center with one of the busiest and largest ports in the world, as well as tons of jobs related to the local oil refineries. Denver, Nashville, and Portland, Ore., all top 10 areas, offer median home prices below $300,000 and a diversity of jobs in technology, health care, and education.

Perhaps the most surprising millennial magnet: Clarksville, Tenn, the fifth largest city in the state behind Nashville, Memphis, Knoxville, and Chattanooga. Forty five miles north of Nashville, it benefits from spillover from that city’s strong job market, but Clarksville also has its own industrial base, plus nearby Ft. Campbell and Austin Peay State University. The unemployment rate: 4.7%.

Here are RealtyTrac’s top 10 destinations for millennials on the move:

Rank County State Metro Area % Increase in Millennial Population, 2007-2013 Milennials % of Total Population, 2013 Median Home Price, April 2014 Average Monthly Apartment Rent (3 beds), 2014
1 Arlington County Va. Washington, DC 82% 39% $505,000 $1,996
2 Alexandria City Va. Washington, DC 81% 34% $465,000 $1,966
3 Orleans Parish La. New Orleans 71% 30% $140,000 $1,190
4 San Francisco County Calif. San Francisco 68% 32% $950,000 $2,657
5 Denver County Colo. Denver 57% 33% $270,000 $1,409
6 Montgomery County Tenn. Clarksville 46% 31% $128,000 $1,016
7 Hudson County N.J. New York 44% 31% $330,000 $1,643
8 New York County N.Y. New York 43% 32% $850,000 $1,852
9 Multnomah County Ore. Portland 41% 28% $270,000 $1,359
10 Davidson County Tenn. Nashville 37% 29% $160,000 $1,131
TIME technology

The Few, The Proud: The Millennials Who Still Use Flip Phones

Teenage girl checks and sends text message while waiting in
Couldn't care less about the iPhone 6 John Greim—Getty

Yes, they exist. No, it's not normcore.

Some people care a lot about the new iPhone, available in stores Friday. This is about people who don’t.

This is about people who, in the year 2014, still use flip phones. And not in a dog cone of shame, “I dropped my real phone in the toilet and am currently between upgrades,” kind of way, but willingly. Notable evangelists include Anna Wintour, Warren Buffett and Andrew Luck — and according to Forrester Research, 29% of internet-using American adults don’t use smartphones as their main phones. That figure includes 15% of 18-24 year olds and 13% of 25-34 year olds. “It is more rare for the younger generation, the first to adopt new devices are millennials,” says senior analyst Gina Fleming, “but there are some.”

So who are these 20-somethings who don’t swipe to love or tap twice to “like”? Who don’t punctuate heated conversations with poop emojis but rather with the satisfying fwap close of a flip phone? And where are they? (Literally, can they tell me where they are without a map app?) Hours after the world worked itself into a tizzy over Apple’s iPhone 6 unveiling, I found myself sitting across from an old high school classmate, 26-year-old Angelica Baker, and her pink Motorola Razr phone.

Why They Flip

While many millennials can’t imagine not having regular access to the internet and email 24/7, Baker, a tutor and writer, actually exchanged her Android in for her mom’s retired flip phone in April. “It just seemed like it would be better for my addled brain than a smartphone,” she says. “Personally I’m too scattered and unfocused to handle email and Facebook on my phone.” And she hasn’t missed the Droid.

Gwen Cullen, a 25-year-old getting her MFA at Ohio State who has never owned a smartphone, agrees. “If I had a toy with internet attached to myself, I would cease to exist in the world,” she says.

Others haven’t upgraded their dumb phones for more practical reasons. Sam Hertz, a 27-year-old living in Oakland, Calif., has held onto his Samsung flip phone for 5 years simply because it’s survived. “It has lived through torrential rainstorms, and I’m pretty sure that I’ve dropped it three stories from a stairwell,” he says.

And of course, there’s the issue of money. Whereas smartphones can cost upwards of $600, according to NYU law student Andrew Nellis, his flip phone was “basically free,” and he avoided paying for a pricey data plan. (Read more after the jump)

Nellis then rattles off a list of compelling, if not enviable, “dumb” phone perks. While an hour of intense texting can drain an iPhone’s battery life from full to the precarious “20% left” zone, Nellis says he only has to “charge it overnight every couple days or so.” And unlike smartphone users who tend to create bizarre, superficial brand rivalries after staunchly aligning themselves with team Apple/Samsung/Android, “I’m not even sure what brand mine is,” Nellis says. “It says Verizon? But does Verizon even makes phones?”

Rather, dumb phone users are all connected in “a funny kind of solidarity thing,” Hertz explains, of bonding over weird, shared, stock photography background images. Or bemoaning poor photo taking abilities — which was the main complaint of every flip phone user I spoke with, even more than not having a mapping function.

“I print out directions before I go anywhere and then it’s only a minor crisis if we change directions en route,” says Cullen, admitting that she sometimes has to call friends and ask for step-by-step directions. “I still get invited to things, which is mind-blowing.”

Another old-school phone user I talked to used to carry a Garmin navigation system, traditionally used for driving, in her purse. (She asked to remain anonymous to avoid judgement in her new job at a top law firm — which is also the reason why she had to trade up to an e-mail accessible smartphone.)

Those who abstain from smartphones don’t eschew all emerging technologies. According to a 2014 Forrester report, 30% of 18-24 year old non-smartphone users and 34% of 25-34 year old non-smartphone users have tablets. “I actually use an iPod Touch, which might be a cop-out,” says Nellis. “But I only have one app on it — the dictionary.”

Do You Have a Flip Phone Retirement Plan?

Cullen, Nellis and Hertz all say that they aren’t making moral statements by owning flip phones, but rather these are simply what they have for right now. They’ll switch over when it becomes necessary for a job or another compelling reason. Hertz admits, however, that since he builds software, is in grad school for developing music technology and is often on the road for a performance art company (which sometimes asks audience members to use their smartphones to scan image detection software temporarily tattooed on actors’ bodies), “a smartphone could be very useful to me, but there’s a new iPhone every six months. When technology is getting better and better, sitting on the edge of things makes it difficult to know when I should jump in.”

Of course, some dumb phone loyalists are making statements about society. Andrew Lipstein, a 26-year-old who runs a digital bookstore called 0s&1s out of Florida, hates when people are glued to phones at dinner, emailing at inappropriate times or cataloguing rather than experiencing events. And so he categorically refuses to switch over to a smartphone. Ever. Even if it means he doesn’t get a job. It’s more than a little weird for him that his parents are “fluent in smartphones,” while his Pantech would “cut out all the time, turn off all of a sudden, and butt dial people three times a day.” (The Pantech died over the course of writing this article, so Lipstein “upgraded to a vertical flip with a ‘Pill Reminder.'”)

Is This Trendy? Is This Normcore?

Sarah Edwards, 23, says that while she “knew a lot of people [from home] in North Carolina who had flip phones — a lot,” when she moved to Brooklyn, it suddenly became a glaring commodity. “I think some people saw it as more of a hipster thing.”

But are people projecting an image onto dumb phone users, or is a flip phone actually fashionable? Is a flip phone normcore? (Deliberately wearing “normal” clothing like dad jeans to blend in with the masses).

Not really. A person with a flip phone tends to stick out rather than blend in. Edwards says that pulling out her flip phone at a bar is an automatic conversation starter. Sometimes by people with relatively good, albeit often misguided, intentions. “They will mock it in a friendly way,” she says, “Or more often get nostalgic about how they recently gave up a flip phone. ‘Oh when?’ ‘A year and a half ago.’ And that doesn’t make me feel great.” Other times, flip phones function as a duck call for guys with bad pickup lines. “The smarmy question I get from guys at bars is, ‘Oh does it have snake?’ and I’m like, ‘No I wish it did,'” says my high school friend, Baker.

Still, Fiona Duncan, who wrote New York’s quintessential expose on normcore, emailed that fashion may be found in flip phones. “Isn’t stating against disconnected culture sorta fashionable?” she asks. “I could see that as a trend, an idea that spread through mimesis. It’s not a bad one. Nor is not wanting to support Apple. I do looooove and miss the motion of a flip phone.”

For another opinion, I reached out to a different high school classmate turned fashion guru — and “funemployed and FABULUXE” Rich Kids of Beverly Hills reality star — Dorothy Wang.

“I definitely had the Motorola Razr in high school, and I kept it there, exactly where it should have been kept!” Wang says. “My limited edition, matte black Razr did not move on with me to college or any other extension of my life… Being outdated is never on trend. I guess it is a different story if your throwback flip phone is your second phone, and your other phone can be a testament that you are a functioning part of our current society. Having two phones is very on trend.”

But at the end of the day, Baker notes, echoing the sentiment of many modern flip phone users, “It’s not like a fashion statement on my part or a statement about society, it’s just my f**king phone.”

 

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