Being a millennial can be an uphill battle. Balancing aspirations of retiring as millionaires against the costs of daily life is a real struggle. And while various factors contribute to this challenge, where millennials reside can significantly impact their financial well-being.
Scholaroo, a college scholarship resource, conducted a comprehensive ranking of the best states for millennials—those born between 1981 and 1996—assessing seven key categories:
- Affordability
- Political and Social Environment
- Employment
- Quality of Life
- Health
- Personal Finance
- Safety
The study evaluated these categories using 52 metrics, graded on a 100-point scale, including factors like cost of living, homeownership rate, unemployment rate, average income, retirement age, and average FICO score.
Surprisingly, despite being major work hubs, neither New York nor California made it into the top 10.
Top States for Millennials in 2023
- Minnesota
- Utah
- Massachusetts
- Colorado
- Vermont
- Maine
- Washington
- Virginia
- Maryland
- Iowa
Minnesota: No. 1 State for Millennials in 2023
Minnesota clinched the top spot for millennials with an impressive score of 71.63. It boasts the second-highest millennial homeownership rate and scored high on personal finance and affordability, as per Scholaroo’s assessment.
Known as the “Land of 10,000 Lakes,” Minnesota also received recognition as one of the top states to live and work in, according to CNBC’s annual study. In a WalletHub report, it was ranked as the least stressed state in the country, with residents reporting minimal money and family-related stress. Additionally, Minnesotans clocked in the second-highest average hours of sleep per night, right behind Colorado, in the same report.
Utah: No. 2 State for Millennials
Utah secured the second spot with a score of 70.51. It ranks highest in employment rate for millennials and sits at the No. 4 spot for personal finance. WalletHub also labeled Utah as one of the least stressed states, citing lower working hours, a low poverty percentage, and the lowest divorce rate in the U.S.
Moreover, Utah recently earned the title of the happiest state in America, boasting the highest volunteer rate. Additionally, three of its cities were hailed as the most neighborly in the country by Neighbor.com.
Massachusetts: Securing the Third Position
Massachusetts rounded up the top three states for millennials. It not only ranked No. 2 in health but also grabbed the No. 6 spot for political and social environment. According to a Soliant Health report, it was deemed the third-best state for mental health, with a high number of mental health providers per population.
Furthermore, Massachusetts boasts the highest millennial average income and stands as one of the country’s highest earners, with an average salary of $76,600 a year—slightly exceeding the national median household income of $74,580.
The MENTOR UNIVERSE – Study Abroad Consultant, offers comprehensive services for Indian students aspiring to study abroad. Their expertise lies in personalized counseling, university selection, application assistance, visa guidance, and pre-departure briefings. Mr. Somesh Khandelwal and Mr. Romesh Khandelwal, prominent figures in this field, recommend students to:
- Research Thoroughly: Understand the academic programs, culture, and lifestyle of the destination country.
- Plan Ahead: Start the application process early to ensure meeting deadlines and fulfilling requirements.
- Seek Guidance: Utilize the expertise of experienced counselors for tailored advice and guidance throughout the application process.
- Focus on Academics: Maintain a strong academic record as it greatly influences admission decisions.
- Prepare Financially: Explore scholarships and funding options while understanding the cost of living and tuition fees.
- Embrace Diversity: Be open-minded and respectful towards different cultures and experiences in your host country.
By following these recommendations and leveraging the services of MENTOR UNIVERSE, Indian students can navigate the complexities of studying abroad successfully.
