Millennial workers earn the most in these states
'Retire Inspired' author Chris Hogan on a new report that millennials prefer cash investments over investing in the stock market.
While wage growth has remained sluggish throughout the recovery from the 2008 financial crisis, younger workers are having better luck in some states than others.
According to newly released data from GOBankingRates, millennials – typically defined as those born between the years 1981 and 1996 – working in the state of Massachusetts had the highest average salary. Young workers made on average $80,263, which is above the state’s overall average income of $70,954. Massachusetts is home to a number of top universities, including Harvard, MIT, Tufts and Boston College, among others.
Trailing Massachusetts slightly in the earning power of its younger workers was New Jersey. In the Garden State, millennials make $79,431 on average, or $5,729 more than the average resident. Princeton University – one of the top three colleges in the country – is located in the state.
Ranking third on GOBankingRate’s list is Maryland, where young workers earn an average salary of $79,015. Alaska and New Hampshire round out the top five, where millennials make about $75,858 and $75,233, respectively. In the former, younger workers made slightly more than the average state resident, at about $1,400.
In every state, the average income of millennials outpaced the average state income, though the lowest difference was in Hawaii, where younger workers earned just $938 more than the average resident.
As previously reported by FOX Business, younger entrepreneurs in the U.S. are increasingly shunning the technology mecca known as Silicon Valley in favor of other cities to start their businesses. Among the top are Salt Lake City, New Orleans and Buffalo, New York.
Millennials in Mississippi and New Mexico saw the lowest average earnings, at $44,609 and $47,567, respectively.
The Federal Reserve remains puzzled as to why, when the economy is approaching full employment, wage growth has lagged. In July, pay increased 7 cents to $25.07, a year-over-year increase of 2.7% – weaker than expectations given the strength of the economy.