Is New York the Best Place For Millennials?
With millennials making up the largest generation in the workforce, a recent study was conducted to determine the best and worst states for millennials, where did New York land on the list?
With a population of around 80 million, millennials will continue to have a huge influence on American culture and consumption. Today, these mid-20 to early-40 somethings are often depicted through negative stereotypes including entitled, parentally dependent, emotionally fragile and so on. However, they are responsible for a large percentage of all consumer discretionary spending in the United States.
Despite the purchasing power and level of education, they are economically worse off than their parents. Millennials have come of age and entered the workforce in the shadow of the Great Recession, which has significantly reduced their job prospects and earning potential for decades to come. Plus, many millennials are struggling due to financial diffi
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Wallet Hub compared all 50 states to find out where Millennials thrived, and where they struggled and ranked all 50 states from there. WalletHub compared the 50 states and the District of Columbia to determine where this generational has thrived and struggled. We examined each state and the District across 34 key metrics, ranging from share of millennials to millennial unemployment rate to millennial voter-turnout rate.
Minnesota ranked 6th in the nation, with Iowa being the only state in the Midwest to rank higher at no. 5. All of the midwest performed well, you can see the rankings on the map below.
Even with a large chunk of purchasing power, Millennials still are economically worse off than their parents. Why is that? Wallet Hub attributed it to the Great Recession and the most recent pandemic.
Study: Minnesota 6th-best state for millennials
WalletHub compared the 50 states and District of Columbia across 34 key metrics, ranging from population of millennials to average income and home ownership rates. Author: Dana Thiede Updated: 7:48 AM CDT May 26, 2021
GOLDEN VALLEY, Minn.
Editors note: The video above originally aired in Nov. of 2019.
They are young adults born between 1981 and 1996, extremely popular with marketers but the bane of other generations, especially baby boomers who assail them for being lazy, entitled and emotionally soft.
We are talking millennials, of course, and new research suggests that Minnesota is the sixth best state for them to live.