Between crushing student debt and and a staggering 13.9 percent
unemployment rate, there's no denying the recession has been unkind to
America's young adults.
Even so, we may be putting too much focus on the big picture when it comes to gauging how badly young people are faring, says MoneyRates.com financial analyst Richard Barrington.
"There are so many stories about how difficult conditions are for young adults ... but one thing that we know is that conditions vary greatly from state to state," Barrington told Business Insider. "Probably the clearest example of that is the unemployment rate. While it's steadily remained around 9 percent nationally, in some states it's under 5 percent."
In a new study that hones in on where 20-24 year olds have the best shot at thriving in today's economy, Barrington analyzed 9 key lifestyle factors in all 50 states––including youth unemployment, education costs, car insurance, housing, nightlife, and overall healthfulness.
1. North Dakota
Even so, we may be putting too much focus on the big picture when it comes to gauging how badly young people are faring, says MoneyRates.com financial analyst Richard Barrington.
"There are so many stories about how difficult conditions are for young adults ... but one thing that we know is that conditions vary greatly from state to state," Barrington told Business Insider. "Probably the clearest example of that is the unemployment rate. While it's steadily remained around 9 percent nationally, in some states it's under 5 percent."
In a new study that hones in on where 20-24 year olds have the best shot at thriving in today's economy, Barrington analyzed 9 key lifestyle factors in all 50 states––including youth unemployment, education costs, car insurance, housing, nightlife, and overall healthfulness.
1. North Dakota
"While
North Dakota may not be the first place you think of when it comes to
youth culture, given how tough things are for young people these days,
it might be wise to look somewhere off the beaten path," Barrington
suggests.
"North Dakota's booming economy gave it very high marks across the board in economic categories, and it did just well enough in the lifestyle categories to grab the top spot."
Stats:
Youth unemployment rate: 5.3% (The lowest of all 50 states)
Percentage of population aged 20-24: 12.05%
Average car insurance rate: $1,400
Average cost of higher education: $10,774
Median rental cost: $564
2. South Dakota
"North Dakota's booming economy gave it very high marks across the board in economic categories, and it did just well enough in the lifestyle categories to grab the top spot."
Stats:
Youth unemployment rate: 5.3% (The lowest of all 50 states)
Percentage of population aged 20-24: 12.05%
Average car insurance rate: $1,400
Average cost of higher education: $10,774
Median rental cost: $564
2. South Dakota
South
Dakota wins the runner-up slot with dirt cheap apartments for the young
residents that fill its borders. It also has a relatively low
unemployment rate.
The only sector where it's lacking? "Youth-oriented retailing," Barrington says.
Stats:
Youth unemployment rate: 8.4%
Percentage of population aged 20-24: 10.01%
Average car insurance rate: $1,338
Average cost of higher education: $14,900
Median rental cost: $562
3. Iowa
The only sector where it's lacking? "Youth-oriented retailing," Barrington says.
Stats:
Youth unemployment rate: 8.4%
Percentage of population aged 20-24: 10.01%
Average car insurance rate: $1,338
Average cost of higher education: $14,900
Median rental cost: $562
3. Iowa
Drivers
will dig Iowa for its insurance premiums, which are the lowest in the
nation, according to Insure.com. It beats out just about every other
state on this list in rental rates, too.
Stats:
Youth unemployment rate: 11.3%
Percentage of population aged 20-24: 10.04%
Average car insurance rate: $1,220
Average cost of higher education: $17,057
Median rental cost: $611
4. Montana
Stats:
Youth unemployment rate: 11.3%
Percentage of population aged 20-24: 10.04%
Average car insurance rate: $1,220
Average cost of higher education: $17,057
Median rental cost: $611
4. Montana
Montana ranks high for low rental costs and a relatively cheap college tuition.
Bonus: "It has a surprisingly high number of health clubs and top-rated bars for its population size," Barrington says.
Stats:
Youth unemployment rate: 14.7%
Percentage of population aged 20-24: 9.56%
Average car insurance rate: $1,634
Average cost of higher education: $14,431
Median rental cost: $627
5. Nebraska
Bonus: "It has a surprisingly high number of health clubs and top-rated bars for its population size," Barrington says.
Stats:
Youth unemployment rate: 14.7%
Percentage of population aged 20-24: 9.56%
Average car insurance rate: $1,634
Average cost of higher education: $14,431
Median rental cost: $627
5. Nebraska
Nebraska
isn't just a bargain for retirees. Young people can find rental rates
more than $150 below the national average and have a far greater chance
at scoring a job than in most other states.
Stats:
Youth unemployment rate: 7.9%
Percentage of population aged 20-24: 9.99%
Average car insurance rate: $1,646
Average cost of higher education: $13,574
Median rental cost: $644
6. Delaware
Stats:
Youth unemployment rate: 7.9%
Percentage of population aged 20-24: 9.99%
Average car insurance rate: $1,646
Average cost of higher education: $13,574
Median rental cost: $644
6. Delaware
On
top of low tuition rates, "There are a surprising amount of top-rated
bars and youth-oriented stores for such a small state," Barrington
notes.
"Just try to live in a city where you can use public transportation, though, since Insure.com reports that Delaware has the nation's highest auto insurance premiums in the 20-24 age group."
Stats:
Youth unemployment rate: 11.4%
Percentage of population aged 20-24: 10.12%
Average car insurance rate: $3,006
Average cost of higher education: $12,192
Median rental cost: $949
7. Vermont
"Just try to live in a city where you can use public transportation, though, since Insure.com reports that Delaware has the nation's highest auto insurance premiums in the 20-24 age group."
Stats:
Youth unemployment rate: 11.4%
Percentage of population aged 20-24: 10.12%
Average car insurance rate: $3,006
Average cost of higher education: $12,192
Median rental cost: $949
7. Vermont
Clear across the country from youthful Alaska, Vermont is also high on the young worker scene.
"They're into fitness too," Barrington says. "Based on [International Health, Racquet & Sportsclub Association] figures, Vermont has more fitness clubs per capita than any other state. But you might want to put off moving there until after college, since average four-year tuition costs are among the highest in the nation."
Stats:
Youth unemployment rate: 12.8%
Percentage of population aged 20-24: 10.37%
Average car insurance rate: $1,566
Average cost of higher education: $23,361
Median rental cost: $829
8. Alaska
"They're into fitness too," Barrington says. "Based on [International Health, Racquet & Sportsclub Association] figures, Vermont has more fitness clubs per capita than any other state. But you might want to put off moving there until after college, since average four-year tuition costs are among the highest in the nation."
Stats:
Youth unemployment rate: 12.8%
Percentage of population aged 20-24: 10.37%
Average car insurance rate: $1,566
Average cost of higher education: $23,361
Median rental cost: $829
8. Alaska
"Since
it is one of the most youthful states in the country, perhaps it should
be no surprise that Alaska offers some attractive stats in most of the
lifestyle categories," says Barrington.
"The tough part is finding a place to live: According to the Census Bureau, Alaska has the nation's lowest rental vacancy rate."
Stats:
Youth unemployment rate: 12.80%
Percentage of population aged 20-24: 10.54%
Average car insurance rate: $1,925
Average cost of higher education: $15,431
Median rental cost: $1,007
9. Utah
"The tough part is finding a place to live: According to the Census Bureau, Alaska has the nation's lowest rental vacancy rate."
Stats:
Youth unemployment rate: 12.80%
Percentage of population aged 20-24: 10.54%
Average car insurance rate: $1,925
Average cost of higher education: $15,431
Median rental cost: $1,007
9. Utah
With
nearly more than 11 percent of its residents in the 20-24 year age
bracket, Utah has far more going for it than stunning scenery.
"While not great on most lifestyle factors, Utah has very low unemployment among young adults, and the lowest average cost of four-year colleges," Barrington says.
Stats:
Youth unemployment rate: 8.5%
Percentage of population aged 20-24: 11.51%
Average car insurance rate: $1,733
Average cost of higher education: $5,745
Median rental cost: $793
10. New Hampshire
"While not great on most lifestyle factors, Utah has very low unemployment among young adults, and the lowest average cost of four-year colleges," Barrington says.
Stats:
Youth unemployment rate: 8.5%
Percentage of population aged 20-24: 11.51%
Average car insurance rate: $1,733
Average cost of higher education: $5,745
Median rental cost: $793
10. New Hampshire
You'll
pay more to attend a four-year university in New Hampshire, but
cash-strapped college grads can take comfort in its decent employment
rate for young workers.
"Despite scoring high on the availability of bars, fitness clubs and youth-oriented stores, New Hampshire's population is relatively low on young adults," Barrington says. "That's a pity, because unemployment for that demographic is relatively low there."
Stats:
Youth unemployment rate: 8.7%
Percentage of population aged 20-24: 9.3%
Average car insurance rate: $1,631
Average cost of higher education: $26,234
Median rental cost: $918
"Despite scoring high on the availability of bars, fitness clubs and youth-oriented stores, New Hampshire's population is relatively low on young adults," Barrington says. "That's a pity, because unemployment for that demographic is relatively low there."
Stats:
Youth unemployment rate: 8.7%
Percentage of population aged 20-24: 9.3%
Average car insurance rate: $1,631
Average cost of higher education: $26,234
Median rental cost: $918
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