Top 10 States to be Young In
Published: Thursday, August 30th 2012
The future is looking a little bleak for the America’s young adults right now. The economy is still rocky, jobs are hard to find, they’re laden with student loan debts and they realize that if they want to retire they only have themselves to rely on since Social Security won’t be much help.
There are bright spots with some states having more favorable conditions for young people. MoneyRates.com analyzed nine economic and lifestyle factors to rank the 10 states where youth rules. These states are a good place for young people to get a strong start on life.
The economic factors considered were employment for young people (ages 20 to 24) based on the Bureau of Labor Statistics; insurance costs for young drivers from Insure.com; cost of a college education according to The College Board; and affordability of housing from the Census Bureau’s median rental costs.
Lifestyle factors analyzed were youth-oriented retailing (MoneyRates.com chose the number of Abercrombie & Fitch stores per million residents); nightlife, based on number of bars per million residents that made Esquire Magazine’s Best Bars in America; healthfulness based on number of gyms; youthfulness of the state by finding the percentage of the state’s population in the 18 to 24 age group; and availability of living space based on the Census Bureau’s rental vacancy rate.
The list is slightly unconventional, but it might be good to look off the beaten path.
10. New Hampshire
Downtown Concord, N.H.
Youth unemployment rate: 8.7%
Percentage of population aged 20 to 24: 9.3%
Average cost of higher education: $26,234
Median rental cost: $918
College is a more expensive, but the state has a decent employment rate for young people. The state scored high on the availability of bars, fitness clubs and youth-oriented stores.
Youth unemployment rate: 8.5%
Percentage of population aged 20-24: 11.51%
Average cost of higher education: $5,745
Median rental cost: $793
More than 11% of the state’s population is in the 20 to 24 age group, plus it has a very low unemployment rate for young adults and college tuition is very low.