MoneyRates asks a good question: Where should young adults go to make their fortunes? The results of the financial services company’s study reveal a list of states that most people wouldn’t expect. The typical youth magnets such as New York, Washington, DC, Florida and California generally have prohibitively high housing and rental costs, especially in the urban and coastal areas. The surprising results reflect the availability of jobs and lower costs of living in places like the Dakotas and the Midwest, but also in more popular and populated states like Hawaii and Massachusetts.
The main criteria considered in the study were youth unemployment; proportion of young adults in each state’s population; college costs; rental availability and costs; high-speed Internet access; and, so important to the younger set, the number of bars and fitness clubs per capita. Here are the Top 10 states for young adults listed in the MoneyRates.com study:
1. North Dakota
2. South Dakota
Though most young adults are renters and not owners, the study sheds light on areas where housing costs are going to trend lower than the national averages. Housing inventories are typically high in these areas as well, offering first-time homebuyers the best places to look for the best deals, and the best statistical opportunities to see increased valuations over time on real estate investments.