Chicago

Was tickled to see Chicago on this list... (funny about the Gen Y thing -- I've noticed that on my commute. I'm like "Damn, Gen Y is taking over! D'oh!")

http://realestate.yahoo.com/promo/10-great-cities-for-young-adults.html

Chicago, Ill.

Metro population: 9,580,567
Cost-of-living index: 118
Median monthly rent: $861 (average is $819)
Average annual wage: $45,119
Unemployment rate: 10.3%
Percentage of Gen Y residents: 24.6%
Top employers: City, state and federal government, Chicago Public Schools, Wal-Mart Stores, Advocate Health Care, Walgreen, JP Morgan Chase, Abbott Laboratories, AT&T
Chicago is an exceptional value in big-city living, packing the cultural punch of Manhattan at nearly half the cost. Its lakefront district, with beaches, parks, a zoo and several museums, is a model for other waterfront cities. There are great sports teams, theater companies, and music festivals. And it's the home of the deep-dish pizza. The jobless rate is higher than the national average, but the Windy City's financial sector is thriving and promises more entry-level jobs in the future.
PROS: Low cost of living for a major city, cheap and widely available rentals, an efficient and user-friendly public transportation system, high-paying jobs in business and finance, great nightlife and entertainment venues
CONS: Extreme winter weather, high crime rate, and it's a long car drive to other major cities