best states for millennials to live
Connecticut20. Tagged with: Affordability Earnings Economy Home Living Millennials WalletHub. Copyright © document.write(new Date().getFullYear()); Zippia, Inc. Are millennials more or less financially savvy than other generations? The low millennial unemployment and low average student loan debt definitely help millennials thrive. Wyoming36. And now, thanks to a new study from the financial services website WalletHub, we know which state they should rule out altogether. Mississippi48.. Oklahoma47. Colorado5. the District of Columbia as the top place for millennials. Nevada44. Home Ownership: 37% Home Ownership: 43% Loved by marketers yet vilified by media, millennials are at once the most popular and unpopular generation alive. West Virginia. Adam McCann, Financial Writer Apr 8, 2019. Ohio14. After balancing the good and bad of each state, the following were ranked as the ten best states for young adults: 1,097 Views. Note: This metric measures the average annual cost of early childcare as a share of average earnings for millennials. Illinois10. Cold climes, in general, ranked high on the list. As a result, many young people these days are heading to smaller cities or suburban areas where they can enjoy a quality of life closer to that of their parents. While 45% may not sound super impressive, when you consider only 23% of Californian millennials are homeowners, it really puts it in perspective. New Jersey28. Sign up here for our daily Thrillist email and subscribe here for our YouTube channel to get your fix of the best in food/drink/fun. WalletHub found that many of the worst states for millennials were located in the South—like Mississippi, Oklahoma, and Louisiana (which was recently named the most stressed state in America due to a high poverty rate, high divorce rate, and lack of housing affordability). Kentucky43. Needless to say, there is a lot to consider before picking up and moving. theMReport.com copyright 2020 is a registered trademark of The Five Star Institute. Keep reading to see why these states have the most to offer millennials and to see the full list. By and large, we have technology to blame. Massachusetts received the top spot, which may be surprising given that it's one of the more expensive places to live in America. Vocativ, a digital media company, came out with its second annual "35 Best U.S. Cities For People 35 And Under" – a perfect guide that provides Millennials with the best locations to live and work. Iowa and West Virginia offer the cheapest housing for millennials, according to WalletHub; Hawaii and California the highest. Poverty Rate: 12% South Dakota22. Disclaimer: Editorial and user-generated content is not provided or commissioned by financial institutions. Unemployment: 4.6% The ACS data also provided the poverty rate by state for the 25-34 age demographic. If your state isn’t among the top 10, jump down to the bottom of the post to see where it lands on the full list. Best & Worst States for Millennials. Subscriber Both of those factors fuel high homeownership rates. Our most barren dating deserts, from coast-to-coast. Kathy is the head of content at Zippia with a knack for engaging audiences. North Dakota has the lowest rate of millennial unemployment. New Mexico49. In addition to owning a home, millennials in Minnesota enjoy a low unemployment and lower than average chance of living in poverty. Read on for the full ranking, commentary from a panel of experts and a full description of our methodology. That said, Texas has the lowest percentage of millennials suffering from depression. Montana38. At #4, North Dakota is a solid place to be a millennial. Unemployment: 4.5% Student Loan Debt: $29,930. The reasons have to do with the financial crisis a decade ago. Please keep in mind that it is not a financial institution’s responsibility to ensure all posts and questions are answered. Student Loan Debt: $29314. Student Loan Debt: $28,173. ©2020 Group Nine Media Inc. All Rights Reserved. In fact, the Mountain West region of the country generally did much better than coastal states. It's because of their debt, folks, not the avocado toast. Poverty Rate: 14% “By one estimate, millennials today earn 20 percent less than Baby Boomers did at the same age.”. Considering each factor thought to be important to young adults, Utah came out on top overall. Rhode Island30. While #8 on the list, South Dakota shouldn’t be overlooked for it’s similarly great neighbors. As today’s largest generation in the workforce, millennials’ financial habits have become a topic of interest to researchers and marketers alike. A new study by Commercialcafe ranked metro areas for millennials based on seven factors related to employment. Maryland34. Sign up for Insider Life. Using the most recent Census Bureau data from 2018, we compared the number of people between the ages of 25 and 39 who moved into a state or city to the number of people who moved out. Yet despite millennials’ trillion-dollar purchasing power and higher educational attainment, they are economically worse off than their parents. Democratic Vs. Republican Jobs: Is Your Job Red Or Blue? that looks at where being a millennial is most fitting to budgets and lifestyles. Vermont12. As a group, 23-38 years old earn less and have less assets than their parents did a generation ago. Massachusetts received the top spot, which may be surprising given that it's one of the more expensive places to live in America. While Iowa may bring to mind cornfields, it’s the #2 best state to be a millennial. Forget diamonds: Student loan debt is forever. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are WalletHub advertising partners. They rank the five best cities for millennials to live in as: Cambridge, Massachusetts; Arlington, Virginia ; Alexandria, Virginia; San Francisco, California ; Ann Arbor, Michigan ; Moral of the story: You can make a good millennial life in a lot of places, but this generation still has the odds stacked against them. Want to live well as a millennial? Fortunately, there are certain parts of the country where it's easier for the constantly criticized generation to catch a break and thrive these days, according to this new map that reveals the best and worst states for millennials. Determining the best states for millennials to live in is not as straightforward as it might at first seem, but signs do point toward the upper Midwest. Unemployment: 4% Both of those factors fuel high homeownership rates. What are the most common mistakes millennials make when starting their careers? Are millennials more or less likely to talk about money than other groups? Turns out, Midwestern states like North Dakota and Iowa have the most factors that appeal to millennials. She graduated from Troy University with a degree in Social Science Education. Austin is the capital of Texas and is a hotbed for State and Federal governmental careers. Overall, WalletHub ranked the District of Columbia as the top place for millennials. Definition, Types and More, States Most Dependent on the Gun Industry, Get unlimited free credit scores & reports, YouTube (for web embedding Massachusetts), States with the Best & Worst School Systems. It also ranked ninth in quality of life, has the second-highest percentage of millennials, and the features lowest rate of unemployed millennials. And if you are looking to relocate to a place that's known for a high quality of life, check out the 20 American States Where People Have the Most Free Time. Washington, D.C., ranked first overall in education and health, quality of life, and civic engagement. Poverty Rate: 11% At #7, we have Idaho. We then determined each state and the District’s weighted average across all metrics to calculate its overall score and used the resulting scores to rank-order our sample. Today, these early-20-to-early-30-somethings who are often depicted through negative stereotypes — entitled, parentally dependent, emotionally fragile — are responsible for 21 percent of all consumer discretionary spending in the U.S.
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