10 Most Affordable States for Millennials

Millennials — the largest generation, with a population of 80 million — don’t have the same quality of life everywhere, according to a survey that compared the 50 states to determine where this generation is thriving and where it is struggling.

This generation, responsible for 27% of consumer retail spending in the U.S. (according to a 2024 study by Capital One), is economically worse off than that of their parents, according to a WalletHub survey.

“The financial crisis remains a big part of the reason,” according to the survey. “Millennials have come of age and entered the workforce in the shadow of the Great Recession, which has significantly reduced their job prospects and earning potential for decades to come.”

Factors such as financial security, job opportunities, cost of living and quality of life are of utmost importance to determine millennials’ choice of residence.

According to a recent study by GOBankingRates, the most affordable states for millennials are all in the South and Midwest.

• Median household income: $69,747
• Single-family home value: $233,595
• Annual cost of living: $51,741

• Median household income: $67,173
• Single-family home value: $246,479
• Annual cost of living: $51,692

• Median household income: $56,609
• Single-family home value: $229,960
• Annual cost of living: $50,752

• Median household income: $70,571
• Single-family home value: $227,918
• Annual cost of living: $50,566

• Median household income: $61,364
• Single-family home value: $210,082
• Annual cost of living: $48,918

• Median household income: $60,183
• Single-family home value: $210,663
• Annual cost of living: $48,865

• Median household income: $56,335
• Single-family home value: $210,131
• Annual cost of living: $48,453

• Median household income: $55,217
• Single-family home value: $169,401
• Annual cost of living: $47,617

• Median household income: $57,582
• Single-family home value: $206,641
• Annual cost of living: $47,165

• Median household income: $52,985
• Single-family home value: $182,825
• Annual cost of living: $46,702