Want To Retire a Millionaire? These 5 States Offer Millennials the Most Opportunity
Written by
Gina Hagler
Edited by
Travis Woods
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If you’re an ambitious millennial looking to retire as a millionaire, your yearly bills and spending aren’t the only things that you’ll be looking to optimize — the state you live in could also have a drastic effect on your ability to do so.
While New York, California and Washington, D.C. are prime locations for jobs, they are far from the most affordable states to actually live in. Scholaroo, a company with many scholarship researchers, ranked the states based on a number of metrics and concluded that Minnesota, Utah, Massachusetts, Colorado, and Vermont are the five best states for millennials. These states not only score highly for millennial homeownership and affordability, but also rank low in terms of work, money and family-related stress.
Furthermore, future retirees may be interested in a state with a generally higher quality of life or other occupants with shared social and political values. Neighbor.com, a storage-sharing marketplace, ranked the top cities in terms of how neighborly they are, based on metrics like charitable giving or violent and property crime. Minneapolis, Colorado Springs, Provo, Salt Lake City and Ogden all rank in the top ten. Based on a survey of one thousand Americans, neighbors living here are likely to stay in the long-term, take part in neighborhood events and assist others in need — or ask for assistance themselves.
The statistics back up why many millennials may find it difficult to achieve their financial goals. In addition to the negative stereotypes like being entitled and dependent on their parents, millennials are doing financially worse than their parents. Comparing millennials to their parents at age 40, the former pays well over twice as much for one year of college, over $100,000 more on a home and has less overall net worth and stock ownership. Another element concerning millennial job opportunities is the fallout of the COVID-19 pandemic. These are more reasons why the choice of residence can impact how smoothly things go.
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