Well, this isn’t good news. Turns out that Connecticut is now even harder for millennials to live in! Because of that, more and more of them live with their parents.
Apparently, that’s the most stable living arrangement in modern times.
Wallethub released their annual survey of the living condition of millennials. While some states performed better than others, ours was severely lacking. In fact, CT has the 2nd highest amount of millennials living with mom and dad.
And, honestly, a lot of us probably wish we could live with our parents, too. CT really is an expensive state to live in and we pay a lot just to survive. No need to go into energy costs or the high price of groceries.
This generation may seem stingy, but in reality, they’re overworked and underpaid. Not to mention, in this state, personal income ranks among the worst in the nation in terms of growth.
Hence why they own fewer homes, cars, and are seemingly the cause of several failing industries. Yes, the millennial killed the napkins and Costco, haven’t you heard?
Anyways, millennials now make up 21 percent of all consumer spending, which equates to trillions of dollars. The millennial generation is also the most educated generation in history.
So, it looks like these guys fared better than their parents, no?
Unfortunately, with adjusted inflation and a shifting economy, the millennial statistically makes 20 percent less than his or her parents when they were the same age.
So education equals student debt, correct? With up to six figures in the hole, lower wages, and a higher cost of living… what else is a money-savvy millennial to do?
Yes, live with mom and dad because the alternative is paying rent which, by all intents and purposes, is out of control. $1,500 a month for an 800 sq ft single bedroom apartment with no garage? Yeah, hard pass.
Hence why CT has the 2nd highest rate of millennials living with their parents. New Jersey came in at #1 in this year’s study.
However, things aren’t all that bad for the millennial in this state. Despite affordability being out of reach, the state does offer better perks than others.
Our state’s education and health ranked 3rd best in America. However, we fall in the middle of the pack when it comes to quality of life and civic engagement.
Then we fall into the lower part of the pile on economic health.
Still, health and education remain strong factors in any national roundup, which is why CT ranked 15th in a list of the best states for millennials. However, you take away those two factors and… WELP.
So, what do you make of it? Is it now socially acceptable to live with your parents or… once you graduate college, you should be on your own. Also, if millennials continue to be this cash-strapped, what effect do you think that’ll have on the economy?