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NJ, CT, NY Have Highest Percentage Of Millennials Living With Parents

WalletHub recently found Connecticut and New Jersey have the most millennials living at home with their parents.
WalletHub recently found Connecticut and New Jersey have the most millennials living at home with their parents. Photo Credit: Provided/ WalletHub

You can call it "full nest syndrome."

New Jersey, Connecticut and New York state lead the nation in having the highest percentage of millennials living with their parents, according to WalletHub.

The high cost of housing is a leading factor to this phenomenon, especially in New Jersey, according to the WalletHub website.

That is one finding in this study of the best and worst states for millennials, in which Connecticut ranked 15th overall. New York state ranked 19th overall while New Jersey ranked 32nd.

"Today, these early-20-to-early-30-somethings who are often depicted through negative stereotypes — entitled, parentally dependent, emotionally fragile — are responsible for 21 percent of all consumer discretionary spending in the U.S.," WalletHub wrote.

"And yet, despite their trillion-dollar purchasing power and higher educational attainment, millennials are economically worse off than their parents."

Pushing Connecticut closer to the top was the state’s third place ranking in the Education and Health category. Pulling the state down were rankings of 41st in Affordability, 29th in Economic Health and 23rd in Quality of Life. The state ranked 17th in Civic Engagement among the 50 states and the District of Columbia.

The best states for millennials, according to WalletHub, are the District of Columbia, North Dakota, Minnesota, Massachusetts, Iowa, Wisconsin, Utah, Nebraska and Colorado.

While millennials living in New York have the second highest earnings nationwide, they ranked 47th for home ownership, according to the study.

Connecticut’s No. 15 overall ranking is filled with pluses and minuses in the study breakdown.

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