North Dakota was credited with having one of the best financial environments for millennials, according to a recent study from the Brookings Institution. The Brookings Institution's Hamilton Project compared wages, taxes and the cost of living for 320 unique occupations in about 380 U.S. metropolitan areas.
The study shows the highest median salary, if you're a millennial, is located in California at about $50,000 a year. But once the cost of living and taxes are factored, individuals would be better off from a financial standpoint moving to North Dakota where earnings would be about $33,000, the study's authors say.
“North Dakota continues to build an environment that supports business growth and higher wages and creates quality of life for our citizens,” Commerce Commissioner Jay Schuler said. “Being recognized by this study from the Brookings Institution only goes to support that North Dakota is a great place for businesses and career seekers alike.”
Data used in the study comes from the U.S. Census Bureau’s American Community Survey. The study includes an interactive tool, allowing users to see the distribution of annual earnings across the United States for a given occupation and age group, adjusting for cost of living and taxes.
The full report is available at: http://www.hamiltonproject.org/