Bring your avocado toast on down to Washington, D.C. We were just voted the best state to live for millennials.
WalletHub just released a study to find the best state to live for millennials, and Washington, D.C., ranked No. 1! The study used 30 key metrics such as average Starbucks latte price, annual cost of childcare, share of inactive millennials, and singles-friendliness to see where millennials are thriving and where they are struggling.
Millennials make up almost 25 percent of the population and can have positive impacts on states. Despite being constantly criticized and blamed by the media and older generations, millennials bring about a trillion-dollar purchasing power and higher education attainment. Millennials are also the most diverse adult generation in American history, according to the Brookings Institute.
So why does Washington, D.C., rank supreme?
Well, D.C. has the highest percentage of millennials, followed by North Dakota and Utah.
We also have the highest average earnings for millennials, which is a huge perk during this economic downturn. Washington, D.C., is followed by New York and Massachusetts in this category. The District also has the second-highest percentage of millennials with health insurance coverage.
The District doesn’t rank high in every category, however. In fact, we rank last for millennial homeownership rate and don’t make the top five for lowest housing cost for millennials, lowest millennial unemployment rate, or lowest percentage of millennials with depression.
Even with all that, though, we still come in first place with a total score of 67.47 — an Education aand Health rank of No. 1, Quality of Life rank of No. 1, and Economic Health rank of No. 16.
Some other interesting findings: Virginia ranks No. 20, and Maryland comes in at No. 30. Nevada, Mississippi, West Virginia, and New Mexico are the worst states to live for millennials.
Despite Washington, D.C.’s high rankings, there is a risk that millennials will leave the city for cheaper options once they age. A recent study by American University’s Kogod School of Business showed just this: They estimated that around 50 percent of Washington, D.C., millennials will leave the city for more affordable cities. The WalletHub study seems to point in this direction since we did rank last for millennial homeownership rate.
What do you think? Are you a millennial living in Washington, D.C.? Tell us about your experience!