Less than half of 18- to 34-year-olds (45%) say they are completely financially independent from their parents, according to a report from Pew Research Center.
The same research found that the majority (75%) of those who rely on their parents expect to support themselves one day.
of course General Mrers and millennia those who aspire to become financially literate may find it more difficult to do so in some areas of the country than others. The cost of living varies considerably between regions, as do income levels and unemployment rates.
Related: Young people making more than $200,000 a year are fleeing 1 US state – and flocking to 2 others
A new study from the personal finance website CreditDonkey decided to determine where young Americans have the best chance of building significant wealth—and the worst.
Banking experts at CreditDonkey analyzed data from the US Census Bureau housing pricesfamily income and unemployment rates for people under 25 in the past year, then converted those findings into a weighted index with a maximum score of 100.
South Dakota took the top spot with a score of 79.46 out of 100. The state boasts one of the highest employment rates at 94.33% and the most affordable average rents for one-bedroom and studio apartments at 716 and 507 dollars, respectively.
North Dakota is the second best state for young Americans wealth buildingwith an overall score of 78.01 out of 100.
Gen Zers will have the hardest time increasing their net worth in California and New York, which earned scores of 17.94 and 23.45 out of 100, respectively.
California has the third highest home listing price at $771,500, and New York has the highest unemployment rate for people under 25 at 12.56%.
Related: Millennials and Gen Z are jumping on this hot real estate trend to afford home ownership
Read more about CreditDonkey's “10 Best States for Gen Z to Get Rich”:
|
Top 10 Best States for Gen Z to Get Rich |
||||||||
|
Order |
Country |
Average household income for under 25s ($) |
Average home listing price ($) |
Average rent for 1 bedroom properties ($) |
Average rent for studio properties ($) |
Average monthly housing costs ($) |
Unemployment rate for under 25s |
Index – Overall (/100) |
|
1 |
South Dakota |
52,437 |
386,448 |
716 |
507 |
946 |
5.67% |
79.46 |
|
2 |
North Dakota |
50,046 |
368,295 |
725 |
696 |
918 |
4.45% |
78.01 |
|
3 |
Iowa |
48739 |
309,225 |
720 |
707 |
965 |
7.06% |
72,81 |
|
4 |
Arkansas |
46,447 |
299900 |
669 |
661 |
813 |
8.82% |
71,83 |
|
5 |
Wisconsin |
52,100 |
385,950 |
820 |
837 |
1070 |
6.42% |
68.56 |
|
6 |
Oklahoma |
44,089 |
300,000 |
772 |
720 |
923 |
8.02% |
67,89 |
|
7 |
Nebraska |
45260 |
359,950 |
850 |
768 |
1064 |
5.58% |
67,84 |
|
8 |
West Virginia |
39,527 |
240,000 |
637 |
611 |
695 |
11.27% |
67.50 |
|
9 |
Wyoming |
47267 |
455,000 |
670 |
553 |
972 |
9.08% |
67.14 |
|
10 |
Kentucky |
47,435 |
309900 |
751 |
681 |
890 |
10.26% |
66.40 |