These days, millennials have become easy fodder for news coverage. It seems like every day a new study is released analyzing the behavior patterns of this mysterious sector of society. One day they are narcissistic, lazy and entitled; the next they are America's largest living generation with grand entrepreneurial dreams and responsible for 21 percent of all consumer discretionary spending in the U.S.
But according to Wallethub, "despite their trillion-dollar purchasing power and higher educational attainment, millennials are economically worse off than their parents." Of course the current financial climate remains a large contributor, as many millennials entered the workforce immediately following the Great Recession. But Wallethub knew that the plight of the millennial was not consistent across the country, and that geography played a large role in how a millennial currently fares. So they set out to determine where this generation is thriving and where they struggle. Wallethub's analysts examined each state and D.C. across 24 key metrics, ranging from share of millennials to millennial unemployment rate to millennial voter-turnout rate.
Turns out, D.C. is a pretty great for millennials as we were the fifth best "state" for millennials! Virginia and Maryland didn't fare too badly, as Virginia broke into the top 20 at rank 17, and Maryland lagged behind at 29th.
Here's how D.C. stacked up:
- We have the highest percentage of millennials
- We have the highest median household income for millennials
- We have the highest millennial voter turnout rate
- We have the lowest percentage of overweight and obese millennials
- We have the highest percentage of millennial newcomers
- We have the second highest millennial population growth
- We have the second highest percentage of millennials with health-insurance coverage
- We have the second lowest percentage of millennials living with their parents
- We have the third highest percentage of millennials with at least a high school diploma
- We have the third highest millennial volunteer rate
- We are ninth in singles-friendliness for millennials
While we rank highly in many categories across the board, it seems as if D.C. is operating on an extremes basis in relation to millennials as we also ranked as the worst in several "quality of life" categories. D.C. has the lowest millennial home ownership rate, the highest median student-loan debt, the second highest cost of living, the fourth highest housing cost for millennials and the third worst family-friendliness ranking.
Here are the top 10 states for millennials:
- North Dakota
- South Dakota
- District of Columbia
For the full report, visit Wallethub online.