(The Center Square) – The Evergreen State is tops with millennials, according to an analysis by WalletHub.
The personal finance website ranked Washington state the No. 1 place to live for millennials, the demographic group born between 1981 and 1996 – that is, people aged 24 to 41.
WalletHub compared all 50 states and the District of Columbia across 34 key metrics, including share of millennials, millennial unemployment rate, and millennial voter-turnout rate.
“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,” according to the WalletHub analysis. “Plus, many millennials are struggling due to financial difficulties from the COVID-19 pandemic. However, they may find new opportunities in the current job market, where employers are desperate to hire and applicants have more leverage to get good compensation and benefits.”
WalletHub analyst Jill Gonzalez explained Washington’s first-place finish.
“Washington is the best state for Millennials as they have a very high quality of life here,” she said via email. “This is indicated by the high average monthly earnings – over $7,000. The state also has a low share of inactive Millennials, around 15%, as well as a small percentage of Millennial smokers, less than 14%.”
The state ranked fourth in percentage of millennials and average monthly earnings.
“Millennials make up over 22% of the population, and only about 25% of them live with their parents,” Gonzalez noted. “The state is still welcoming newcomers. It has one of the largest shares of Millennials who have moved here either from a different state or from abroad, and the second biggest Millennial population growth in the country, almost 13%. Plus, the average earnings growth in the state is the biggest nationwide, at over 39%.”
Washington ranks ninth in percentage of millennials living with their parents, 17th in percentage of insured millennials, and 19th in millennial unemployment rate.
Fellow Pacific Northwest states Oregon and Idaho ranked No. 7 and No. 27, respectively, in terms of millennial appeal.
The 10 best states and state designates for millennials:
- District of Columbia