Best States For Millennials 2020 – South Dakota Is Top 10
There is a new ranking of best states for millennials, and South Dakota has made the top 10.
As a card-carrying member of Generation X, I might be stereotyping millennials a little here, but when I think of the best places that they might want to live, a state like South Dakota doesn't immediately come to mind. Maybe California, New York or Florida, but not the Rushmore State.
I would be wrong according to a new study done by MoneyRates.com.
They note that in the 'age of COVID-19', the millennial population might not be as drawn to the big city lights as in the past. Now they are seeking states that are more laid back and offer lower college costs, great internet connectivity, and job opportunities. The study says they are trading in areas with good public transportation for a lower cost of living.
MoneyRates.com ranked the 50 states and the District of Columbia using the following seven factors:
- Broadband connectivity, according to data from the U.S. Census Bureau.
- Percentage of jobs in the finance and information sectors, according to the Bureau of Labor Statistics (BLS).
- Relative size of the young adult population in each state, according to BLS data.
- Unemployment rate of 16- to 24-year-olds, according to the BLS.
- Affordability of a one-bedroom apartment, according to the Census Bureau.
- Availability of residential rentals, according to Census data.
- Affordability of 4-year-public-college tuition for in-state students, according to the College Board's 2019 Trends in College Pricing report.
After crunching the numbers, here the best places to live for young adults: