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Much like with real estate, it seems that more and more often your ability to make a generous income and put away some actual savings these days is all about location, location, location.
And to further drive that concept home is a new interactive map, created by the experts over at Money, shows the median income for millennials in each of America’s 50 states (and the District of Columbia), as well as how much that income is actually worth.
Some of the states with the highest median income for those aged 25 to 44 included…
• District of Columbia – $87,200
• Massachusetts – $86,600
• Washington – $74,300
• California – $71,900
• New York – $71,200
So those are the states millennials should be moving to, right? Not so fast.
When adjusted using the Bureau of Economic Analysis’s regional price parity calculations, those incomes are actually worth…
• District of Columbia – $75,220
• Massachusetts – $80,307
• Washington – $70,441
• California – $62,873
• New York – $61,552
As you can see, Massachusetts is still a solid place to live (in fact it goes from number two to number one once adjusted), but the other states at the top of list suddenly aren’t nearly as appealing thanks to the cost of living there.
Those states would be places like…
• Wyoming – $73,345
• North Dakota – $76,836
• South Dakota – $70,989
• Virginia – $71,397
• Minnesota – $77,090
• New Hampshire – $73,941
• Maryland – $74,737
• Virginia – $71,397
Oh, by the way, the worst state for millennials when it comes to adjusted income? New Mexico at $51,893.
To view the incomes and real-dollar values for millennials in all 50 states, head on over to Money and check out their interactive map.