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The 15 Best-Paying Cities for Millennials

Money Talks News Logo By Daniel Horning of Money Talks News | Slide 1 of 17: This story originally appeared on HireAHelper. Numbering over 72 million, millennials have surpassed baby boomers to become the largest living adult generation. Millennials, defined by the Pew Research Center as people born between 1981-1996, are now in their prime homebuying years. However, millennial homeownership rates have lagged that of older generations — in part, because while home prices have been rising, income has not kept pace. According to the latest data from the U.S. Census Bureau, the median annual income for full-time working millennials was $42,000 in 2019, leaving many millennials struggling to afford a home. Nationally, data from the Census Bureau shows that while the homeownership rate in the U.S. was 64.6% in 2019, the rate for millennials was just 39.9%. The median income for 25- to 34-year-olds has increased 2½-fold since 1980; however, housing prices have more than tripled over the same time period. Median income growth for that age group kept pace with housing prices until the year 2000, when housing prices began to rise more steeply. Although housing prices dropped significantly during the Great Recession, they have been rising rapidly since 2012. At the state level, millennials living in Minnesota and Massachusetts had the highest median incomes after adjusting for cost of living, at $51,282 and $50,137 in 2019, respectively. Due to its very high cost of living, millennials living in Hawaii tend to earn less with a cost-of-living adjusted median income of $37,849 last year. The cost of living in Florida is about the same as the national average, but millennials in Florida earned just $34,990 in adjusted median income, the lowest in the country. To find the best-paying cities for millennials, researchers at HireAHelper analyzed the latest data on income and home prices from the Census Bureau and Zillow. The researchers ranked metro areas according to the cost-of-living adjusted median income for full-time working millennials. Researchers also calculated the unadjusted median income for full-time millennials, the median home price, and the millennial homeownership rate. To improve relevance, only metropolitan areas with at least 100,000 people were included in the analysis. Additionally, metro areas were grouped into the following cohorts based on population size:  Small metros: 100,000—349,999 Midsize metros: 350,000—999,999 Large metros: 1 million or more   Keep reading to see the large metros with the highest median income for full-time millennials, after adjusting for cost of living. It’s not the usual blah, blah, blah. Click here to sign up for our free newsletter. Sponsored: Earn $20 in less than 30 seconds Earn extra money by using Rakuten (formerly known as Ebates) — a site that gets you cash back at more than 2,500 stores. As a bonus for joining Rakuten, you’ll earn $20 when you sign up using our link and spend at least $20 shopping online through Rakuten within the first 90 days. Start earning cash back and claim a free $20 bonus today.

The 15 Best-Paying Cities for Millennials

This story originally appeared on HireAHelper.

Numbering over 72 million, millennials have surpassed baby boomers to become the largest living adult generation. Millennials, defined by the Pew Research Center as people born between 1981-1996, are now in their prime homebuying years. However, millennial homeownership rates have lagged that of older generations — in part, because while home prices have been rising, income has not kept pace. According to the latest data from the U.S. Census Bureau, the median annual income for full-time working millennials was $42,000 in 2019, leaving many millennials struggling to afford a home.

Nationally, data from the Census Bureau shows that while the homeownership rate in the U.S. was 64.6% in 2019, the rate for millennials was just 39.9%. The median income for 25- to 34-year-olds has increased 2½-fold since 1980; however, housing prices have more than tripled over the same time period. Median income growth for that age group kept pace with housing prices until the year 2000, when housing prices began to rise more steeply. Although housing prices dropped significantly during the Great Recession, they have been rising rapidly since 2012.

At the state level, millennials living in Minnesota and Massachusetts had the highest median incomes after adjusting for cost of living, at $51,282 and $50,137 in 2019, respectively. Due to its very high cost of living, millennials living in Hawaii tend to earn less with a cost-of-living adjusted median income of $37,849 last year. The cost of living in Florida is about the same as the national average, but millennials in Florida earned just $34,990 in adjusted median income, the lowest in the country.

To find the best-paying cities for millennials, researchers at HireAHelper analyzed the latest data on income and home prices from the Census Bureau and Zillow. The researchers ranked metro areas according to the cost-of-living adjusted median income for full-time working millennials. Researchers also calculated the unadjusted median income for full-time millennials, the median home price, and the millennial homeownership rate.

To improve relevance, only metropolitan areas with at least 100,000 people were included in the analysis. Additionally, metro areas were grouped into the following cohorts based on population size:

  • Small metros: 100,000—349,999
  • Midsize metros: 350,000—999,999
  • Large metros: 1 million or more

Keep reading to see the large metros with the highest median income for full-time millennials, after adjusting for cost of living.

It’s not the usual blah, blah, blah. Click here to sign up for our free newsletter.

Sponsored: Earn $20 in less than 30 seconds

Earn extra money by using Rakuten (formerly known as Ebates) — a site that gets you cash back at more than 2,500 stores. As a bonus for joining Rakuten, you’ll earn $20 when you sign up using our link and spend at least $20 shopping online through Rakuten within the first 90 days. Start earning cash back and claim a free $20 bonus today.

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