Colorado is the sixth-best place in the nation for Millennials to live, according to a new report.
Massachusetts, the District of Columbia and Washington were named the top three most livable states for Millennials, while Mississippi, New Mexico and West Virginia came in last for early 20-to early-30-somethings.
The report, “2019’s Best and Worst States for Millennials,” released Monday by finance website WalletHub, compared all 50 states and the District of Columbia across 36 key metrics, with data sets ranging from share of Millennials to Millennial unemployment rate to Millennial voter-turnout rate.
Millennials make up the largest generation in the U.S. workforce yet earn 20 percent less than Baby Boomers did at the same age, according to the personal-finance website WalletHub.
In order to determine the most livable places for Millennials, WalletHub compared the 50 states and the District of Columbia across 36 metrics. The data set ranges from share of Millennials to average monthly earnings for Millennials to Millennial unemployment rate.
Key rankings for living and working as a Millennial in Colorado (1=best, 25=average) include:
- 9th – percentage of Millennials living outside parents’ home
- 6th – percentage of Millennials versus rest of population
- 13th – average monthly earnings for Millennials
- 14th – Millennial unemployment rate
- 21st – percentage of insured Millennials
- 19th – Millennials with depression
Among Colorado’s neighboring states, Utah ranks 8th, Nebraska is 16th, Kansas is 28th, Arizona is 33rd, Wyoming is 37th, Oklahoma is 48th and New Mexico comes in at No. 50.
Millennials are projected to become the largest in 2019, giving them a huge influence on American culture and consumption, the report states.
“Today, these early-20-to-early-30-somethings who are often depicted through negative stereotypes — entitled, parentally dependent, emotionally fragile — are responsible for 21 percent of all consumer discretionary spending in the U.S,” the report states. “Yet despite millennials’ trillion-dollar purchasing power and higher educational attainment, 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. By one estimate, Millennials today earn 20 percent less than Baby Boomers did at the same age.”
See the full report at wallethub.com/edu/best-states-for-millennials.