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Here's why Kentucky ranks among the worst states for millennials

Sheila Vilvens
Cincinnati Enquirer
Man with money flying out of wallet

Kentucky ranks among the worst states to live in for millennials looking to be better off economically than their parents.

The state places 44th behind Alabama and North Carolina, according to a report from the personal finance website WalletHub. Ranked dead last at 51 among all the states and District of Columbia was neighboring West Virginia.

Millennials currently make up the largest generation in the U.S. workforce but earn 20 percent less than baby boomers did at the same age, according to WalletHub's report on 2019's Best and Worst States for Millennials.

Why? The Great Recession has significantly reduced job prospects and earning potential for millennials who came of age in the period of financial crisis, according to the report.

The millennial experience, however, varies between states as outlined in the WalletHub study that compared the 50 states and the District of Columbia. 

Indiana ranks 25th.

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Based on the report's findings, the top five states to live for millennials are: Massachusetts, District of Columbia, Washington, Minnesota and Wisconsin.

A few other report highlights:

  • North Dakota has the lowest share of millennials living with their parents. At the opposite end of the spectrum, New Jersey millennials are slower to leave the nest.
  • Millennial homeownership is highest in Delaware and lowest in the District of Columbia.
  • Yet, the District of Columbia has the highest average monthly earnings for millennials, $5,253 per month, which is 2.1 times higher than in Mississippi, the lowest at $2,514 per month.
  • The state with the lowest unemployment rate for millennials is North Dakota. The state where millennial unemployment is highest is Mississippi.
  • North Dakota has the lowest millennial unemployment rate, 3.66 percent, which is 3.7 times lower than in Mississippi, the highest at 13.65 percent.

The findings were based on 36 metrics including student loan debt, millennial earnings, job growth and homeownership rates.

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