Millennials in Washington are better off than millennials elsewhere in the U.S., study finds

Source: The Seattle Times

 

Millennials, who are now the largest age group in the U.S. workforce, are still generally making 20 percent less than their baby boomer parents made at the same age.

But people in their 20s and 30s who live in Washington state are better off than their counterparts elsewhere in the country, according to a new survey released by the personal-finance website WalletHub.

Overall, Washington placed third behind Massachusetts and the District of Columbia, based primarily on the strength of the job market here that nets people born between 1981 and 1997 the third-highest average earnings for millennials in the country.

To conduct the survey, WalletHub compared the 50 states and the District of Columbia across five key dimensions: affordability, education and health, quality of life, economic health and civic engagement.

The survey used 36 relevant metrics, including average monthly earnings, housing costs, child-care costs, millennial unemployment rate, millennial voter turnout and percentage of millennials with health-insurance coverage, among others. Each metric was graded on a 100-point scale, with a score of 100 representing the most favorable conditions for millennials.

Minnesota and Wisconsin came in fourth and fifth, respectively.

Meanwhile, millennials in Louisiana, Oklahoma, Mississippi, New Mexico and West Virginia were found to be the worst off, the study found.