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Study: Minnesota 6th-best state for millennials

WalletHub compared the 50 states and District of Columbia across 34 key metrics, ranging from population of millennials to average income and home ownership rates.

GOLDEN VALLEY, Minn. — Editors note: The video above originally aired in Nov. of 2019. 

New research suggests that Minnesota is the sixth best state for millennials to live in.

The personal finance website WalletHub says while millennials are assailed by other generations, they are are extremely important to the U.S. economy, being responsible for 21% of all discretionary consumer spending. Despite that trillion dollar purchasing power and access to higher education, WalletHub maintains millennials are worse off financially than their parents due to the Great Recession and now the impacts of COVID-19.

So, what states are kindest for millennials? WalletHub compared the 50 states and District of Columbia across 34 key metrics, ranging from share of millennials per population and unemployment to millennial average earnings and home ownership rate.

Minnesota was ranked the 6th-best state for millennials, and here are some categories that figured into the equation. 

Living & Working as a Millennial in Minnesota (1=Best; 25=Avg.):

  • 15th – % of Millennials Living with Parents
  • 28th – Housing Cost for Millennials
  • 20th – % of Millennials
  • 12th – Average Monthly Earnings for Millennials
  • 4th – Millennial Homeownership Rate
  • 4th – Millennial Unemployment Rate
  • 4th – % of Insured Millennials

Washington state was ranked as the top place for millennials, with Washington DC, Utah, Massachusetts and Iowa rounding out the top five. Wisconsin finished ninth. 

Louisiana, Nevada, Mississippi, New Mexico and West Virginia finished as the worst places for millennials to call home. 

For more on the study and millennial-friendly rankings, check out the WalletHub website.