Average price of a Starbucks latte helps IL rank as one of the best states for millennials
For those considering a move to the Midwest, Illinois was recently named the fifth best state in the country for millennials to live.
As part of the listing from personal finance site WalletHub, the state was ranked second for affordability, fourth for education and health, eighth for quality of life and 46th for economic health.
Missouri didn’t do so hot, coming in the 35th spot despite its first-place title for affordability. It fell behind in high school graduation rates and health factors, as well as citizen involvement, ranking 44th for education and health, 26th for quality of life, 21st for economic health and 43rd for civic engagement.
WalletHub released its 2022 ranking of Best & Worst States for Millennials May 24.
The list compared locations, including the District of Columbia, on how favorable the living conditions are for millennials — individuals born between 1981 and 1996.
The article evaluated the areas of affordability, education and health, quality of life, economic health and civic engagement.
Affordability was calculated considering cost of living, the average price of a Starbucks latte, monthly earnings, homeownership rate and child care and housing costs.
Quality of life was determined by the share of millennials, the proportion of the generation living with their parents and how friendly it was to single individuals and families.
Information about how other metrics were measured, including how WalletHub weighed various categories, is available online.
Some of the data sources the company used include the U.S. Census Bureau, Department of Housing and Urban Development, Child Care Aware of America and U.S. Centers for Disease Control and Prevention.
How did Illinois compare to other states?
Here’s the full 2022’s Best & Worst States for Millennials, from WalletHub.
Washington
District of Columbia
Massachusetts
Utah
Illinois
Minnesota
Oregon
Wisconsin
Virginia
Colorado
Nebraska
Iowa
Pennsylvania
California
Vermont
South Dakota
Maine
New York
New Hampshire
Connecticut
Ohio
Texas
North Dakota
Michigan
Arizona
Rhode Island
Idaho
North Carolina
New Jersey
Tennessee
Maryland
Kansas
Hawaii
Montana
Missouri
Indiana
Florida
Georgia
Delaware
Wyoming
Alabama
Kentucky
Oklahoma
Alaska
South Carolina
Nevada
Louisiana
Arkansas
New Mexico
West Virginia
Mississippi
Economics in Illinois and Missouri
Median gross rent in Illinois from 2016 to 2020 was $1,038, according to the Census Bureau. The median household income for the same time period was $68,428 in 2020 dollars.
Missouri figures are lower on both counts — median rent was $843, with a median household income of $57,290.
Illinois also edged out Missouri for college-educated adults. The share of people 25 years old or older with a bachelor’s degree is 29.9% in Missouri, and 35.5% in Illinois, according to the Census Bureau.
One area in which Missouri outperformed Illinois was in average commute time. Census data show Missouri workers typically spend 23.9 minutes commuting, while the average Illinoisan spends 29 minutes.
When considering an area’s typical incomes, it is important to account for the fact that nationally Black and Hispanic families have much lower median incomes than White people do, and women bring home less than men.
According to the Census Bureau, women earn an average of $12,997 less than men in Illinois, a greater wage gap than the national average. Data from the Institute of Women’s Policy and Research show the gender wage gap will cost the average millennial woman $1 million in their lifetime.
This story was originally published May 25, 2022 at 3:47 PM.
