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New study says these are the 10 most millennial-friendly states

It can be tough to be a millennial.

They want to retire millionaires but are struggling to balance lifestyle costs and financial goals. While many factors can contribute to this, where millennials live can affect how well they can do.

Scholaroo, a college scholarship resource, ranked the best states for millennials — defined as people born between 1981 and 1996 — across the following categories:

  1. Affordability
  2. Political and social environment
  3. Employment
  4. Quality of life
  5. Health
  6. Personal finance
  7. Safety

The seven categories were evaluated using 52 metrics graded on a 100-point scale. Metrics included cost of living, homeownership rate, unemployment rate, average income, retirement age and average FICO score.

New York and California might be major work hubs for millennials, but neither state made the top 10.

Scholaroo ranked Minnesota as the best state in the U.S. for millennials.

Walter Bibikow | Getty Images

No. 1 state for millennials in 2023: Minnesota

Minnesota was ranked the best state for millennials, with a score of 71.63. It has the second highest millennial homeownership rate, according to Scholaroo — and it netted high personal finance and affordability scores.

The “Land of 10,000 Lakes” was named one of the top states to live and work in CNBC’s annual study.

In a WalletHub report from earlier this year, Minnesota was also named the least stressed out state in the country. Residents said they experienced the least amount of money and family-related stress.

Minnesota also had the second highest average hours of sleep per night, right behind Colorado, in the same WalletHub report.

The best states for millennials in 2023

  1. Minnesota
  2. Utah
  3. Massachusetts
  4. Colorado
  5. Vermont
  6. Maine
  7. Washington
  8. Virginia
  9. Maryland
  10. Iowa

Utah ranked as the No. 2 best state for millennials, according to Scholaroo.

Jordan Siemens | Digitalvision | Getty Images

Massachusetts ranked as the No. 3 best state for millennials, according to Scholaroo.

Tomasz Szulczewski | Moment | Getty Images

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