Millennials. A word that has plenty of negative stereotypes, yet marketers love them. Millennials just might be one of the most popular and yet non-popular generations.

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They (or I guess we? I am a Millenial after all) are popular with marketers because they are the largest generation right now with a population of around 80 million. With a population of that size, the Millenial generation will have a big influence on our culture.

According to our friends at Wallet Hub, this generation - who can carry negative stereotypes like entitled, parentally dependent, emotionally fragile — are responsible for 21 percent of all consumer discretionary spending in the U.S.

So why is Minnesota one of the best states for Millennials?

It is because Minnesota ranks very well in Millennial homeownership rate, millennial unemployment rate and the % of insured Millennials.

Living & Working as a Millennial in Minnesota
• 15th – % of Millennials Living with Parents
• 28th – Housing Cost for Millennials
• 20th – % of Millennials
• 12th – Average Monthly Earnings for Millennials
• 4th – Millennial Homeownership Rate
• 4th – Millennial Unemployment Rate
• 4th – % of Insured Millennials

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Wallet Hub compared all 50 states to find out where Millennials thrived, and where they struggled and ranked all 50 states from there.

"WalletHub compared the 50 states and the District of Columbia to determine where this generational has thrived and struggled. We examined each state and the District across 34 key metrics, ranging from share of millennials to millennial unemployment rate to millennial voter-turnout rate."

Minnesota ranked 6th in the nation, with Iowa being the only state in the Midwest to rank higher at no. 5. All of the midwest performed well, you can see the rankings on the map below.

Source: WalletHub

Even with a large chunk of purchasing power, Millennials still are economically worse off than their parents. Why is that? Wallet Hub attributed it to the Great Recession and the most recent pandemic.

"The financial crisis remains a big part of the reason. 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. Plus, many millennials are struggling due to financial difficulties from the COVID-19 pandemic and the resulting high rate of unemployment."

You can read the full report on Wallet Hub's website. 

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