New Jersey and Millennials Perfect Together, Not

WASHINGTON -- A new WalletHub study found that New Jersey ranked 40 out of 50 states and the District of Columbia when it comes to quality of life for millennials.

When asked why the Garden State was ranked so low, WalletHub said housing costs was a key factor.

“Forty-five percent of millennials are still living with their parents, that is what really dragged New Jersey down,” said Jill Gonzalez, an analyst for WalletHub.

New Jersey has the third highest housing costs in the nation and the highest percentage of millennials who still live with their parents, according to the report. California and Hawaii, respectively, are the only two states that top New Jersey when it comes to housing costs.

A separate WalletHub study found that New Jersey has the highest property taxes in the nation and ranked seventh in overall tax burden.  

The plight of millennials is not the same everywhere. WalletHub’s data team compared the 50 states and the District of Columbia to determine where this generational cluster does better or worse. They examined 24 key metrics ranging from share of millennials to millennial unemployment rate to millennial voter-turnout rate. 

Despite being responsible for 21 percent of all consumer discretionary spending in the U.S., millennials are economically worse off than their parents. The financial crisis of 2008 is a big part of the reason. Millennials have come of age and entered the workforce in the shadow of the Great Recession, significantly reducing their job prospects and earning potential for decades to come. By one estimate, millennials today earn 20 percent less than Baby Boomers did at the same age.

The top four states for millennials are North Dakota, Minnesota, South Dakota, and Iowa, respectively. According to WalletHub, this is primarily due to affordable housing prospects in the Midwest.

 

in Economic News