The Typical Salary For Millennials Will Make You Feel Less Alone About Being Broke
Millennials -- the generation born roughly between 1981 and 1997 -- were hit especially hard by the Great Recession, perhaps more so than any other generation.
Many graduated from college or high school when the financial crisis hit its worst point. Combined with crippling levels of student loan debt, this put them in a terrible position.
Today, things aren't much better.
Millennials face particularly high rates of unemployment and aren't making as much as their parents. That helps explain why roughly 32 percent of Millennials are also living with their parents.
Using data from the Minnesota Population Center's 2014 American Community Survey in the Integrated Public Use Microdata Series, Business Insider did an analysis of the median annual total personal income for employed Millennials.
It found the lowest median income for Millennials was $18,000 per year in Montana, and the highest was $43,000 per year in the District of Columbia.
Comparatively, the median income for all employees in Montana was $30,000 and in DC it was $55,000.
Looks like things aren't so bad for young people in the nation's capital, but aren't great for millennials nationwide.
To put this into perspective, the median household income for the US was $56,516 in 2015.
It's no wonder Millennials were the only generation to predict economic downturn for 2017, and are less likely to spend money than other generations.
Who can blame them?
If you're young, broke and living in the United States, you're hardly alone. We're all in this together.
How are things looking for Millennials in your state? Take a look at the map below.
Older generations often characterize millennials as lazy, entitled and apathetic.
There's very little evidence to support this.
Not to mention, perhaps they should have a bit more sympathy for Millennials, given they created the economic conditions that put this generation in such a tough spot.
Thanks, Mom and Dad!
Citations: Here's how much millennials are earning annually across the US (Business Insider)