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May 27, 2021 at 10:07 AM
Related: 12 Worst States for Millennials to Live: 2021
At 80 million strong, millennials are the biggest generation in the U.S., according to a new report from WalletHub.
Even as they are likely to be knocked off the top perch by Generation Z in the next few years, millennials will continue to have a major influence on American culture and consumption. They account for 21% of all consumer discretionary spending in the U.S.
Their purchasing power and higher educational attainment aside, however, millennials are economically worse off than their parents. One major reason, WalletHub said, was that they came of age and entered the workforce in the wake of the 2008-’09 financial crisis, which severely limited their job prospects and earning potential for decades to come.
The pandemic and resulting high rate of unemployment only exacerbated the financial difficulties many in the cohort born between 1981 and 1996 face.
But the millennial experience is not the same across the country, WalletHub research found: They have thrived in some areas, and struggled in others.
To determine the best places for millennials, WalletHub compared the 50 states and the District of Columbia across the key dimensions of affordability, education and health, quality of life, economic health and civic engagement, evaluating those dimensions using 34 relevant metrics.
Researchers then determined each state and the District’s weighted average across all metrics to calculate its overall score, and used the resulting scores to rank the sample.
See the gallery for the 12 best places for millennials to live.
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