New York Millennials Have High Incomes, Still Live With Parents: Study

New York isn’t the worst state for millennials, but it certainly isn’t the best.

The website WalletHub ranked all 50 states and the District of Columbia to figure out the best and worst states for millennials.

Overall, New York ranked No. 37 on the list, but in some categories, such as Millennial homeownership rate and percentage of millennials living with parents, New York is almost dead last.

According to the study, New York millennials have the second-highest median household income in the nation, but the third-lowest homeownership rate and the third-highest percentage of millennials living at home with their parents.

Millennials, the largest generation alive, are typically considered to be born between 1981 and 1997. They are also responsible for 21 percent of all consumer discretionary spending in the U.S., WalletHub says. Millennials are stereotyped as entitled yet also considered workaholics.

Here’s what it’s like for millennials living in New York, according to data:

• Overall Rank: No. 37
• Affordability Rank: No. 43
• Education & Health Rank: No. 22
• Quality of Life Rank: No. 25
• Economic Health Rank: No. 30
• Civic Engagement Rank: No. 44
• Percentage of Millennials Living with Parents: No. 49
• Housing Cost for Millennials: No. 44
• Average Monthly Earnings for Millennials: No. 2
• Millennial Homeownership Rate: No. 49
• Millennial Unemployment Rate: No. 30
• Percentage of Millennials with Health-Insurance Coverage: No. 15
• Percentage of Millennials with Depression: No. 7

North Dakota was found to be the best state for millennials while West Virginia was found to be the worst. Our neighboring states of New Jersey and Connecticut were ranked No. 40 and No. 25, respectively.

To determine these findings, WalletHub compared the 50 states and the District of Columbia across five key dimensions: 1) Affordability, 2) Education & Health, 3) Quality of Life, 4) Economic Health and 5) Civic Engagement.

Data was collected from the U.S. Census Bureau, Bureau of Labor Statistics, Department of Housing and Urban Development, and many other organizations. For further details on methodology, go here.

Photo Credit: Kaspars Grinvalds/Associated Press