Is New York the Best Place For Millennials?
With millennials making up the largest generation in the workforce, a recent study was conducted to determine the best and worst states for millennials, where did New York land on the list?
With a population of around 80 million, millennials will continue to have a huge influence on American culture and consumption. Today, these mid-20 to early-40 somethings are often depicted through negative stereotypes including entitled, parentally dependent, emotionally fragile and so on. However, they are responsible for a large percentage of all consumer discretionary spending in the United States.
Despite the purchasing power and level of education, 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. Plus, many millennials are struggling due to financial difficulties from the COVID-19 pandemic and the resulting high rate of unemployment.
The experience for millennials is not the same everywhere though. A recent study compared all 50 states and the District of Columbia to determine where this generation has thrived and struggled. They compared the states across 34 metrics that ranged from a share of millennials to the millennial unemployment rate to the millennial voter-turnout rate.
Where did New York land on the list? We were listed as the 13th best state for millennials. Here's the breakdown:
Living & Working as a Millennial in New York:
- 49th – % of Millennials Living with Parents
- 43rd – Housing Cost for Millennials
- 11th – % of Millennials
- 2nd – Average Monthly Earnings for Millennials
- 49th – Millennial Homeownership Rate
- 30th – Millennial Unemployment Rate
- 17th – % of Insured Millennials
- 5th – % of Millennials with Depression