Millennials are defined as adults between the ages of 23-38 years old. And according to some recent studies, Utah is the best state in the country for this age group.
The state of Utah has the largest population of Millennials in the country, where that age group represents 23% of the state (approximately 726,000 people). Online job site Zippia says Utah is also the best state to be a millennial.
In a recent study, the site listed Utah as the top state in the country for millenials because of low unemployment (4% in their age group), a low poverty rate (10% in their age group), the highest rate among millennials for home ownership in the country (43%) and relatively low student debt ($28,522). The site used U.S. Census data to determine unemployment, poverty rate and home ownership data, and information from the U.S. Department of Education to determine rates of student debt around the country.
“Seeing Utah top the list may startle some, but the ‘Salt Lake State’ has a lot to offer millennials,” the site said in their report. “Only 10% of millennials live in poverty there (the best rates in the nation) and they have a substantial chance of being homeowners.
“It’s not so bad being a millennial in Utah.”
Utah’s western neighbors also scored high in the recent report: Wyoming is ranked 3rd (with the lowest student debt in the nation), Idaho is 7th and Montana is 10th. In fact, New Hampshire is the only state east of the Mississippi in the top 10.
“Low cost of living and high rates of home ownership makes the west a winning place for millennials.”
Conversely, the worst places in the country to be a millennial include Washington, D.C., Georgia, New York, Florida and North Carolina.
Wallethub also listed Utah as the 8th best state for millennials in a report published this spring, scoring high in education and health, quality of life and economic health.
Not a millenial? Zippia also listed Utah as the 11th best state for baby boomers. Once again, U.S. Census data was calculated for poverty rate, unemployment rate and mortgages for adults between the ages of 55-78. A recent Gallup Health And Well-Being Report was used to determine well-being and data from Personal Capital was used to rank retirement savings of baby boomers. Utah was 5th overall in well being and 2nd in unemployment. Utah baby boomers have, on average, $183,925 in retirement savings, 56% of them have a mortgage and only 6.4% are in poverty.