New York, in the banking industry? California, as techies and consultants? No way. The average millennial’s salary is highest in Washington, D.C.
The average millennial in the District makes $40,046 annually. You can thank lawyers and consultants for skewing that number higher than any other state; D.C. is the second-most educated city in America. However, D.C. is also the 5th most expensive city in America based on cost of living. The Swamp giveth, and the Swamp taketh away.
Millennials make the least in Mississippi: $16,999 on average each year. That average is skewed by one of the nation’s highest youth unemployment rates (14.5 percent, to be exact). Tennessee and North Carolina also have average salaries under $20,000.
The only states outside the Southeast where the average Millennial makes less than $20,00 a year are New Mexico and Maine. Some silver lining for the Southerners, though, is that 6 of the 10 states with the lowest cost of living are in the Southeast. Mississippi tops that list – so those fewer dollars will still stretch farther than they would anywhere else in America.
The states with highest-earning millennials are scattered across the country with a strong concentration in the “flyover states.” Millennials make, on average, $30,434 per year in North Dakota. South Dakota isn’t far behind, thanks to oil-rich land in both states that makes jobs plentiful and well-paying.
Major cities play a role in some of the highest-earning states, too. New York rates well, as do Massachusetts and Washington state, thanks to NYC, Boston, and Seattle.
If we look at young workers as a whole, not separated out by state, a clearer generational picture emerges. No matter where we are, we’re just not as well-off as our Baby Boomer parents were at this time of their lives.
A study by The Young Invincibles discovered that Millennials make about 20 percent less than our parents did when they were our age. That’s a $10,000 pay cut! We are amassing less wealth, too: “Millennials have amassed a net wealth half that of Boomers at the same age.”
We are on track to be the first American generation in history that is less well-off than its parents. The snowflakes will use this as an excuse to stop trying. The “Lean In” crowd will use it as a reason to start a business, pick up a side hustle, and save – the odds are against us, but everyone loves an underdog story.
So, thanks for those participation trophies, Boomers – but we’d rather have the additional $10,000 a year you had when you were in your twenties.
