Is Michigan a Good State for Millennials?
There are roughly 80 million millennials living in America, and now, they’re at the age where they’re having kids, buying houses and doing adult things. While the term “millennial” is often associated with the super young, in reality, some millennials are in their 40s these days.
So, which states are the best for millennials? The crew at WalletHub.com has put together a study to determine the best states for millennials. In the study, they note that millennials are “the most popular and unpopular generation alive. While they’re currently the largest generation, having overtaken the baby boomers in 2019, they are likely to lose that status to Generation Z by 2026. However, with a population of around 80 million, millennials will continue to have a huge influence on American culture and consumption. Today, these mid-20-to-early-40-somethings who are often depicted through negative stereotypes — entitled, parentally dependent, emotionally fragile — are responsible for 21% of all consumer discretionary spending in the U.S.”
WalletHub.com also states that even with millennials’ higher education, “they are economically worse off than their parents.” They add that “the financial crisis remains a big part of the reason. 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. 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.”
So, how does Michigan rank when it comes to millennials? It’s interesting, because Michigan is ranked No. 24 for millennials out of all the states, so right in the middle. That said, Michigan is actually ranked No. 5 for the lowest housing costs for millennials, making this a prime spot for the generation to land. The best state for millennials, according to the study, is Washington. Find the full list here.
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