Indiana Ranks Among Top 10 States For Millenials
INDIANA — In many ways, the deck is stacked against millennials these days, but there are places they can get a fairer deal. It just might not be in the first places they would think to look.
MoneyRates compiled a list of the best states for millennials in 2016, and specifically, the best states for the age group that has it toughest – the 20- through 24-year-olds who are trying to find a affordable education, get their careers underway and get by on a budget squeezed by low wages and high student loan payments.
Indiana came placed seventh in the list. In terms of population, Indiana is one of the least youthful states in the nation, but that is unfortunate because it rates well in most categories that would make the state welcoming to millennials. It has high rankings in Internet connectivity, rental availability and affordability and the concentration of nightspots relative to the young adult population.
Here are the other top results:
Best states for millennials 2016
1. North Dakota
2. South Dakota
3. Nebraska
4. Iowa
5. Montana
Worst states for millennials 2016
1. Washington
2. Virginia (tied for 2nd worst)
2. Arizona (tied for 2nd worst)
4. California
5. Vermont
The rankings seem to go against popular perceptions. There may not be anything glamorous about places like the Dakotas or Nebraska, but Richard Barrington, Senior Financial Analyst for MoneyRates, urges young adults not to overlook the importance of economic factors.
“There’s nothing very glamorous about being unemployed, no matter where you live,” he advises. “Unfortunately, the places young people are often attracted to tend to be the very places where competition for jobs can make it tough to find decent work, while competition for places to live can make rents very expensive, if you can even find an apartment.”
The worst state for millennials, Washington, scored below average on seven of the eight criteria for this study. Its downfalls include being the fourth-worst unemployment rate for young adults (14.2 percent) and the seventh-lowest rate of rental availability (4.9 percent), compared with 7.8 percent for the average state.
Other states following Washington in the bottom are Virginia, Arizona, California, Vermont, New Hampshire, Oregon, Maine, Delaware and Kentucky.
“Young people have the flexibility to move, and they should use this to their economic advantage. Go where the jobs are, and even if it does not turn out to be your long-term home, getting some work experience and building up some savings will give you a lot more options when it comes time to decide where you want to settle down.”
Barrington encourages young people to consider relocating if they are having a hard time financially where they are now, and to use this study as a guide to where they might find the most – and least – welcoming conditions.