Home Ownership: 35% 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. Unemployment: 4% On the other hand, North Dakota, ranked number two on WalletHub's list, was first overall in affordability and economic health. California9. Coming in on top as the best state for millennials right now is Massachusetts, followed by Washington, DC, with Washington state taking the number three spot. Between rising student debt, stagnant wages, and avocado toast, millennials are struggling. The best city in the world for millennials in 2020 is Austin, Texas. Young millennials can make adulthood easier by living in an affordable place that offers room for job growth and fun activities. ©2020 Group Nine Media Inc. All Rights Reserved. Cost of Living: Full Weight (~3.00 Points), Average Starbucks Latte Price: Full Weight (~3.00 Points), Average Monthly Earnings for Millennials: Triple Weight (~9.00 Points), Housing Cost for Millennials: Full Weight (~3.00 Points), Millennial Homeownership Rate: Half Weight (~1.50 Points), Annual Cost of Childcare: Full Weight (~3.00 Points), Share of Millennials with at Least a High School Diploma: Full Weight (~1.73 Points), Share of Insured Millennials: Full Weight (~1.73 Points), Share of Millennials with Poor or Fair Health: Full Weight (~1.73 Points), Share of Millennials Diagnosed with Depression: Full Weight (~1.73 Points), Suicide Death Rate Among Millennials: Full Weight (~1.73 Points), Share of Inactive Millennials: Full Weight (~1.73 Points), Share of Overweight & Obese Millennials: Full Weight (~1.73 Points), Share of Millennial Binge Drinkers: Full Weight (~1.73 Points), Share of Millennial Smokers: Full Weight (~1.73 Points), Share of Millennials with No Doctor Visits in the Past Year Due to Cost: Full Weight (~1.73 Points), Share of Millennials with No Primary Doctor: Full Weight (~1.73 Points), Share of Millennials Who Had a Routine Checkup in the Past Year: Full Weight (~1.73 Points), Share of Millennials Who Visited a Dentist in the Past Year: Full Weight (~1.73 Points), Share of Millennials: Full Weight (~6.43 Points), Share of Millennials Living with Their Parents: Half Weight (~3.21 Points), Singles-Friendliness: Full Weight (~6.43 Points), Family-Friendliness: Full Weight (~6.43 Points), Share of Millennial Newcomers: Half Weight (~0.98 Points), Millennial Population Growth: Double Weight (~3.91 Points), Average Earnings Growth for Millennials: Full Weight (~1.96 Points), Millennial Unemployment Rate: Full Weight (~1.96 Points), Underemployment Rate: Full Weight (~1.96 Points), Number of Entry Level Jobs per Number of Millennials: Full Weight (~1.96 Points), Job Growth for Millennials (2017 vs 2016): Double Weight (~3.91 Points), Average Usual Hours Worked for Millennials: Full Weight (~1.96 Points), Median Student-Loan Debt: Full Weight (~1.96 Points), Share of Millennials Living in Poverty: Full Weight (~1.96 Points), Millennial Voter Turnout Rate: Full Weight (~3.33 Points), Millennial Volunteer Rate: Full Weight (~3.33 Points), States with Millennials Caucus: Full Weight (~3.33 Points). Please keep in mind that it is not a financial institution’s responsibility to ensure all posts and questions are answered. Best & Worst States for Millennials. Ohio14. In fact, the Mountain West region of the country generally did much better than coastal states. Wyoming36. What Is a Personal Loan? New Hampshire also offers millennials the lowest chance of living in poverty. To no surprise, New York City won the top spot in the rankings, taking over … Student Loan Debt: 31,995 Disclaimer: Editorial and user-generated content is not provided or commissioned by financial institutions. The financial crisis remains a big part of the reason. The west dominated this list, with high owner rates and low poverty rates pushing most of these states to the top. the District of Columbia as the top place for millennials. Account active While New Hampshire comes in at #6, for millennials who love the beach, this coastal state may be a #1. Hawaii35. He's been recognized for his work since 2001, and his creative writing continues to win acclaim from readers and fellow writers alike. 7. DON'T MISS: 5 millennials who became homeowners in their 20s share their best advice for buying your first house More: Features Millennials Best places to live best cities San Francisco New York13. Student Loan Debt: $29314. Iowa6. Number of bars, pubs, and nightclubs per capita: 1,795, Source: 10 News, Curbed, Jacksonville.com, Number of bars, pubs, and nightclubs per capita: 2,681, Number of bars, pubs, and nightclubs per capita: 971, Number of bars, pubs, and nightclubs per capita: 165, Number of bars, pubs, and nightclubs per capita: 680, Number of bars, pubs, and nightclubs per capita: 157, Number of bars, pubs, and nightclubs per capita: 239, Number of bars, pubs, and nightclubs per capita: 933, Number of bars, pubs, and nightclubs per capita: 762, Number of bars, pubs, and nightclubs per capita: 754, Number of bars, pubs, and nightclubs per capita: 104, Number of bars, pubs, and nightclubs per capita: 168, Number of bars, pubs, and nightclubs per capita: 402, Number of bars, pubs, and nightclubs per capita: 657, Number of bars, pubs, and nightclubs per capita: 634, Number of bars, pubs, and nightclubs per capita: 946, Number of bars, pubs, and nightclubs per capita: 335, Number of bars, pubs, and nightclubs per capita: 325, Number of bars, pubs, and nightclubs per capita: $2,785, Source: Smart Growth America, The Wichita Eagle, Number of bars, pubs, and nightclubs per capita: 163, Number of bars, pubs, and nightclubs per capita: 547, Number of bars, pubs, and nightclubs per capita: 944, Number of bars, pubs, and nightclubs per capita: 551, Number of bars, pubs, and nightclubs per capita: 419. We used the most recent American Community Survey 2013-2017 data from the U.S. Census Bureau to get unemployment rate by state for those 25-34. They have a decent chance of owning a home and low student loan debt. Loved by marketers yet vilified by media, millennials are at once the most popular and unpopular generation alive. Austin, USA. New Hampshire23. Oregon17. Loved by marketers yet vilified by media, millennials are at once the most popular and unpopular generation alive. Here's how all 50 states (and DC) ranked, from worst to best. Iowa and West Virginia offer the cheapest housing for millennials, according to WalletHub; Hawaii and California the highest. Home Ownership: 43% 1st. 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. Montana38. Each state was ranked 1 to 50 in four categories: All four categories were then averaged together, each weighted equally. theMReport.com copyright 2020 is a registered trademark of The Five Star Institute. For instance, millennials earn the most on average in Washington, DC, while they earn the least in Maine, and the millennial unemployment rate is highest in Georgia, but lowest in North Dakota. Indiana24. Texas21. Idaho37. This is the only reason he's against setting one. Student Loan Debt: $29,930. MoneyRates.com recently ranked the best states for young millennials to live in, including Washington, DC. And now, thanks to a new study from the financial services website WalletHub, we know which state they should rule out altogether. "Jeans Guy" is our new favorite character. Unemployment: 4.5% If you're a young person looking to plant some roots, this is the state to avoid. The state's poverty rate—19.1 percent—is one of the worst in the country and continues to increase. Each metric was graded on a 100-point scale, with a score of 100 representing the most favorable conditions for millennials. The Best State Capitals to Start a Career, Craft Beer for the Win: The States with the Most Breweries, It’s Spooky Season: Horror Movies by State, Map: The Sandwich Each State Is The Biggest Fan Of. How can state and local authorities attract and retain highly skilled millennial workers? Home Ownership: 37% At #7, we have Idaho. Austin is the capital of Texas and is a hotbed for State and Federal governmental careers. as well as other partner offers and accept our, Visit Business Insider's homepage for more stories, The top 18 states rich millennials are moving to, Millennials are flooding into these 25 US cities to find good jobs and earn more money. Unemployment: 4% This year, the mortgage industry has faced unprecedented challenges, tackling concurrent health and economic crises ... Scott Morgan is a multi-award-winning journalist and editor based out of Texas.

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