A new study from WalletHub says California is in the top half of states that are good for millennials and second in quality of life overall. Research analyst Jill Gonzales says despite some economic challenges, California offers a higher quality of life than they might find in other states.
"But, when it comes to economic health, [there's] a lot of job competition. Affordability is very hard to come across, that's why a lot of millennials in California are actually still living with their parents," Gonzales said.
The high cost of living in California also comes with a higher-than average paycheck. WalletHub's survey showed that Golden State paychecks for millennials rank at 5th in highest earnings in the nation. All that sunshine we get must also be good for a millennial's mental health, as the study showed that millennials who live in California are also less likely to be depressed.
Overall, the Golden State ranked around the middle of the pack at 22nd for millennials to live, while Washington D.C. was ranked 1st best. New Mexico was dead last in WalletHub's survey.
Gonzales says, with all its advantages, the housing crisis in California does take its toll on residents, with the state ranking third worst for millennial homeownership rates. California was only behind Hawaii in highest housing costs. Couple that with high unemployment, and underemployment, and the economic headwinds against 18-34-year olds in California are strong.
"It has one of the unemployment rates at around 12 percent for the population aged 18-34-years old. Underemployment rate is still very high, around the same - third highest in the country," Gonzales said.
If you're looking for a change of scenery (or maybe own a home someday), WalletHub's survey showed that Minnesota, West Virginia and Indiana have the highest rates of millennial homeownership.