The Best And Worst States For Millennials In 2023
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Millennials make up the largest generation in the U.S. workforce ever.
Though Generation Z will overtake them by 2026, millennials will continue to have a huge influence on American culture and consumption and the generation is already responsible for 21 percent of all consumer discretionary spending in the U.S.
The millennial experience is not the same everywhere, according to a new study from WalletHub.
WalletHub compared the 50 states and the District of Columbia to determine where the Millennial generation has thrived and struggled.
The website examined each state across 34 key metrics, ranging from the number of millennials in each state to the millennial unemployment rate and millennial voter-turnout rate.
Here are the best and worst states for millennials based on the findings.
BEST STATES FOR MILLENNIALS 2023
2. District of Columbia
8. North Dakota
WORST STATES FOR MILLENNIALS 2023
42. Rhode Island
43. South Carolina
50. New Mexico
51. West Virginia
Here are more key findings from WalletHub’s study:
- The District of Columbia has the highest share of millennials, 31.91 percent, which is 1.8 times higher than in Vermont, the lowest at 17.44 percent.
- North Dakota has the lowest share of millennials living with their parents, 14.13 percent, which is 3.3 times lower than in New Jersey, the highest at 45.99 percent.
- Iowa has the highest millennial
homeownership rate, 71.85 percent, which is 2.1 times higher than in the District of Columbia, the lowest at 34.83 percent.
- The District of Columbia has the highest average monthly earnings for millennials, $7,496, which is 2.3 times higher than in Mississippi, the lowest at $3,291.
- North Dakota has the lowest millennial unemployment rate, 2.40 percent, which is 3.3 times lower than in Mississippi, the highest at 8.03 percent.
To read the entire study and see where your state ranks, click this link.
For more studies about millennial money, check out the states with the best and worst salaries for millennials and the best and worst cities to start a career.