WalletHub released a report in which New Mexico is the second worst state for millennials across 36 metrics. Read on for more.
New Mexico Ranked 2nd Worst State for Millennials
Every year, WalletHub, an online financial website, reviews the quality of life through 36 metrics and publishes the results, ranking the states from the best to the worst.
This year, the good news for New Mexico is that it is no longer the worst state for millennials to live in.
For the purposes of this study, they assess the quality of the following metrics: quality of life, education, affordability, health care, and civic engagement. The funny thing is that they take into consideration the average price of the Starbucks latte as well, which they consider one of the essential metrics.
WalletHub defines millennials as the people born between 1981 and 1997, and they insist that this is the most important generation at the moment.
In the report, they have made important notes about the size of this generation and how much they earn, which is significantly lower than what Baby Boomers earned at the same age. They explained this phenomenon by stating that the Great Recession had the most significant influence on millennials’ earning prospects since it significantly reduced their job opportunities due to the period marked by the financial crisis and market crashes.
The millennial experience varies from one state to another, but when it comes to New Mexico — the picture is not that pretty. This state used to be the last one on their list, but as of 2019, they have managed to be the second last.
Alexis Kerschner Tappan, the founder of the marketing campaign “Stop Bagging and Start Bragging” in Albuquerque, said that this was the sad truth, especially since this generation had the most significant economic impact. Millennials spend around $600 billion every year, and they are on the way to spending $1.4 trillion by 2020.
He added that, in spite of these data, we shouldn’t be discouraged and take away too much from these studies.
Tappan noted that every community did well in the same things, but not that great in others and that we should focus on a large number of creative, energetic people who would be more than able to put their minds towards these pressing issues.
He added that during his “Stop Bagging Start Bragging” campaign, his team performed a ton of research on the youth prospects in Albuquerque and found that even though there were not many opportunities in Washington, there was a great sense of community in Albuquerque and of course, the cost of living was lower.
At the moment, there are many investors in the city — from NBC Universal TV and Film Studio to another media giant coming by 2020 — Netflix.
Lastly, he added that the combination of those investors, many job opportunities, and the strong community support could prove to be more than beneficial for the youth in New Mexico.