Millennials’; The Best Livable Places to Reside

It is predicted that millennial generation (born from 1981 to 1996) will become the largest adult population group in the United States. Today, millennials who are often depicted through negative stereotypes — entitled, parentally dependent, emotionally fragile.

Millennials make up 21 percent of consumer discretionary purchases. Millennials may hold the title for purchasing power but struggle to earn more income and find jobs that are better than their parents. Millennials have come of age and entered the workforce in the shadow of the Great Recession, which has greatly reduced their job outlook and earning potential for decades to come.

With millennials today making up the largest generation in the U.S. workforce yet earning 21 percent less than Baby Boomers did at the same age, the personal-finance website WalletHub today released its report on 2019's Best & Worst States for Millennials.

In order to determine the most livable places for this generation, WalletHub compared the 50 states and the District of Columbia across 36 key metrics. The data set ranges from share of millennial's to average monthly earnings for millennials to millennial unemployment rate.

Best vs. Worst

• The District of Columbia has the highest share of millennials, 34.63 percent, which is 1.7 times higher than in Maine, the lowest at 20.00 percent.
• North Dakota has the lowest share of millennials living with their parents, 14.46 percent, which is 3.2 times lower than in New Jersey, the highest at 46.42 percent.
• Delaware has the highest millennial home-ownership rate, 50.54 percent, which is 2.6 times higher than in the District of Columbia, the lowest at 19.23 percent.
• The District of Columbia has the highest average monthly earnings for millennial's, $5,253, which is 2.1 times higher than in Mississippi, the lowest at $2,514.
• North Dakota has the lowest millennial unemployment rate, 3.66 percent, which is 3.7 times lower than in Mississippi, the highest at 13.65 percent.

Expert Commentary

How are the financial habits and behaviors of millennials different from older cohorts?

“Millennials are less likely to buy goods and instead buy services/experiences,” said Charles H. Fay, Professor of Human Resource Management at Rutgers University School of Management and Labor Relations. “This makes it less likely that they will amass goods (housing, furniture, cars, etc.) than earlier generations did, and services have little to no residual value. I also sense a near-disdain for wealth, although it may just be the sense they have that achieving wealth is difficult.”

“In my experience, millennial's have only a vague concept of ways to save money for the proverbial rainy day, the large cost items such as a car or a home and for retirement purposes,” said Ruth Canada, Career and Academic Support Services Director at Lincoln University.

To view the full report and your state or the District’s rank, please visit:

https://wallethub.com/edu/best-states-for-millennials/33371/

Courtesy: WalletHub