What to Know
- WalletHub looked into the best and worst states for millennials in 2019 to take a better look where millennials have thrived and struggled
- New York came in at No. 14 overall, while Connecticut and New Jersey ranked No. 21 and 29, respectively according to the study
- Ranking also found New Jersey, Connecticut and New York are the top tstates with the highest percentage of millennials living with parents
Millennials — the population of early-20-to-early-30-somethings — are often depicted in a negative light, even though they comprise a significant portion of the population.
How significant is this group? Well, the group is projected to overtake boomers in 2019 as the largest population group in the United States, according to the Washington Post. However, not only is the size of this population important, but its purchasing power, influence, and reduced job prospects are all noteworthy, according to the Pew Research Center.
With this is mind, WalletHub looked into the best and worst states for millennials in 2019 to take a better look where millennials have thrived and struggled.
In order to compile the information, WalletHub used 36 key metrics divided into six individual ranks — affordability, education and health, quality of life, economic health and civic engagement — in order to determine the overall ranking of the states and Washington, D.C.
Turns out, the tri-state doesn’t even crack the top 10 of the best states for millennials.
New York came in at No. 14 overall, ranking in 29th place when it comes to affordability, fifth place when it comes to education and health, fourth place in quality of life, 37th in economic health and 49th in civic engagement.
Connecticut is found in the No. 21 overall rank, but it did obtain a third place when it comes to the individual quality of life rank.
New Jersey is the lowest ranking state in the region — coming in at No. 29 overall. The ranking is due in part to the state placing 40th when it comes to affordability, sixth in education and health, 24th in quality of life, 25th in economic health and 46th in civic engagement.
The tri-state also make appearances in key metrics. For example, New Jersey ranks among the states with the lowest percentage of millennials, the highest housing cost for millennials, and the lowest percentage of millennials with depression, according to the study.
Meanwhile New York places in second place — behind Washington, D.C. — as having the highest average earning for millennials. Additionally, New York is also among the places with the lowest millennial homeownership rate.
Considering the housing cost and homeownership rankings compiled by WalletHub, it comes as little surprise that New Jersey, Connecticut and New York are the top three states with the highest percentage of millennials living with parents.
While the tri-state's overall rankings are lukewarm at best, which states ultimately ranked the best and worst for millennials?
Massachusetts was crowned the best, while West Virginia was deemed the worst by WalletHub.
To see the complete ranking and methodology used, click here.