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Millennials hoping to get rich quickly, at least in Florida and many other southeastern states, are in for a rough ride.
Some recent reports back up that theory. With a median household income of $40,581, for example, millennials earn 20% less than boomers did at the same stage of life, according to Federal Reserve data analyzed by the Young Invincibles. More woes: Millennials are better educated than boomers; their share of student debt is considerably higher; their homeownership rate is lower; and they have half the net worth of baby boomers, adds the Young Invincibles, an advocacy organization.
Closer to home, a study from Business Insider pegs Florida's median annual total personal income for millennials at $20,000 — $10,000 less than the median statewide personal income for all employees.
The $20,000 millennial median salary figure in Florida is right there with southeast neighbors Alabama, Georgia, North Carolina and Tennessee. The Business Insider study used data from the Minnesota Population Center's 2014 American Community Survey and the Integrated Public Use Microdata Series for its report. It used the Pew Research Center's definition of millennials: people born from 1981 to 1997.
The median millennial salary on a national scale, according to the Business Insider analysis, ranges from a low of $18,000 per year in Montana to a high of $43,000 in Washington, D.C. The nation's capital is something of an outlier. Most states are in the $20,000 to $25,000 range. The only other states above $25,000 are Alaska at $27,500; Maryland at $26,000; and Hawaii at $25,900.
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