April 12,2017

the staff of the Ridgewood blog

Ridgewood NJ, With millennials today making up the largest generation in the U.S. workforce yet earning 20 percent less than Baby Boomers did at the same age, the personal-finance website WalletHub conducted an in-depth analysis of 2017’s Best & Worst States for Millennials.

Overall Rank  40

State  New Jersey

Total Score  40.72

‘Affordability’ Rank  45

‘Education & Health’ Rank 23

‘Quality of Life’ Rank  39

‘Economic Health’ Rank 29

In order to determine the most livable places for this generation, WalletHub’s analysts compared the 50 states and the District of Columbia across 24 key metrics. The data set ranges from share of millennials to average monthly earnings for millennials to millennial unemployment rate.

Best States for Millennials Worst States for Millennials
1 North Dakota 42 Florida
2 Minnesota 43 Georgia
3 South Dakota 44 Nevada
4 Iowa 45 Louisiana
5 District of Columbia 46 Arkansas
6 Utah 47 Arizona
7 Wyoming 48 New Mexico
8 Wisconsin 49 Alabama
9 Colorado 50 Mississippi
10 Nebraska 51 West Virginia

Best vs. Worst

North Dakota has the lowest share of millennials living with their parents, 15.57 percent, which is 2.9 times lower than in New Jersey, registering the highest at 44.95 percent.

Minnesota has the highest millennial homeownership rate, 49.72 percent, which is 2.1 times higher than in the District of Columbia, registering the lowest at 23.48 percent.

The District of Columbia has the highest share of millennials, 35.17 percent, which is 1.8 times higher than in Maine, registering the lowest at 19.91 percent.

Vermont has the lowest share of millennials in fair or poor health, 5.2 percent, which is 2.7 times lower than in Nevada, registering the highest at 14.2 percent.

The District of Columbia has the highest average monthly earnings for millennials, $5,119, which is 2.1 times higher than in Idaho, registering the lowest at $2,478.

North Dakota has the lowest millennial unemployment rate, 3.94 percent, which is 4.1 times lower than in Mississippi, registering the highest at 16.13 percent.