Scholaroo ranked the best states for Millennials across seven dimensions.
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It can be hard being a Millennial.
They want to retire millionaires, but are struggling to balance lifestyle costs and financial goals. While many factors can contribute, where Millennials live can impact their performance.
Scholaroo, a college scholarship resource, ranked the best states for millennials – defined as people born between 1981 and 1996 – in the following categories:
The seven categories were assessed using 52 metrics rated on a 100-point scale. Metrics included cost of living, home ownership rate, unemployment rate, average income, retirement age and average FICO score.
New York and California may be major employment hubs for Millennials, but neither state made the top 10.
Scholaroo ranked Minnesota as the best state in the U.S. for Millennials.
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Minnesota was ranked the best state for millennials with a score of 71.63. According to Scholaroo, it has the second-highest home ownership rate among Millennials – and achieved good personal finance and affordability scores.
The “Land of 10,000 Lakes” was named one of the best states to live and work in the annual CNBC study.
A WalletHub report from earlier this year also named Minnesota the least stressed state in the country. Residents said they struggled the least with money and family stress.
In the same WalletHub report, Minnesota also had the second highest average sleep count per night, just behind Colorado.
According to Scholaroo, Utah is the second best state for millennials.
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Utah was the second best state for Millennials with a score of 70.51.
Utah also topped the list as the state with the highest employment rate for millennials and ranked No. 4 in personal finance.
Utah, like Minnesota, was recently named one of the least stressed states in America. Utah had the lowest average weekly hours worked, one of the lowest proportions of the population living in poverty, and the lowest divorce rate in the United States
In another September WalletHub study, Utah was named the happiest state in America and had the highest volunteer rate. Three of its cities were named the most neighborhood-friendly in the country in a September ranking by Neighbor.com.
According to Scholaroo, Massachusetts is the third best state for millennials.
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Massachusetts rounded out the top three best states for millennials. The state also ranked second for health and sixth for political and social environment.
Massachusetts was named the third-best U.S. state for mental health in a September ranking by Soliant Health. “Massachusetts has the highest number of mental health providers relative to population,” the report states, “with one provider for every 145 residents.”
The state of New England has the highest median income for Millennials, which makes sense considering residents are among the highest earners in the country, with an average salary of $76,600 per year, slightly above the average U.S. household income of $74,580 US dollars.
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