Scholaroo Ranks the Best States for Millennials Based on Seven Dimensions
Being a millennial can come with its own set of challenges, especially when it comes to finding the right balance between lifestyle costs and financial goals. Where millennials choose to live can greatly impact their ability to thrive in these areas. Scholaroo, a college scholarship resource, recently conducted a study ranking the best states for millennials across seven different categories.
The study evaluated the following dimensions: affordability, political and social environment, employment, quality of life, health, personal finance, and safety. Each category was assessed using 52 metrics graded on a 100-point scale. Metrics included factors such as cost of living, homeownership rate, unemployment rate, average income, retirement age, and average FICO score.
Surprisingly, major work hubs New York and California did not make it into the top 10. Instead, Minnesota claimed the top spot as the best state for millennials, with a score of 71.63. Scholaroo found that Minnesota has the second-highest millennial homeownership rate and achieved high scores in personal finance and affordability. CNBC’s annual study also named Minnesota as one of the top states to live and work in.
Following closely behind Minnesota, Utah ranked as the second best state for millennials, with a score of 70.51. Utah had the highest employment rate for millennials and scored well in personal finance. WalletHub’s study revealed that Utah is also one of the least stressed states in America, with fewer average hours worked per week, a low poverty rate, and the lowest divorce rate in the country.
Massachusetts secured the third spot on the list of the best states for millennials, with high rankings in health and the political and social environment. Soliant Health ranked Massachusetts as the third best state for mental health, citing the state’s high number of mental health providers per population ratio. Additionally, Massachusetts boasts the highest millennial average income, with residents earning an average salary of $76,600 per year.
The complete list of the top 10 states for millennials, according to Scholaroo, includes Colorado, Vermont, Maine, Washington, Virginia, Maryland, and Iowa.
Choosing the right state to call home can significantly impact millennials’ financial well-being and overall quality of life. Factors such as homeownership rates, employment opportunities, personal finance, and health considerations play a crucial role in determining the best states for millennials to thrive.