Report: South Dakota a Top State for Young Adults
PIERRE, S.D. - South Dakota is near the top of the pack as a great place for millennials to live, according to new research by state.
For adults ages 20 to 24, South Dakota is ranked second only to North Dakota by the personal finance website MoneyRates.com, as one of the most attractive states for young people just starting their careers.
MoneyRates senior financial analyst Richard Barrington says South Dakota has a winning combination of factors in its favor.
"South Dakota has the lowest unemployment rate in the nation and yet, they also have the cheapest rents in the nation," says Barrington. "If you're a young adult, the combination of good job prospects and affordable rents in pretty powerful."
For instance, average rent for a one-bedroom apartment in Sioux Falls is about $350 a month. The report ranks each state by eight criteria, including access to broadband Internet and the number of bars and nightclubs. South Dakota ranked above average in all categories.
Barrington says it isn't only young job-seekers who would benefit from living here. Millenial-friendly states could also see economic advantages down the line.
"With the baby-boom generation steadily aging out of the workforce, states need to think about attracting a younger tax base, in order to allow them to continue to pay for essential services."
According to a 2014 study by Drexel University, South Dakota's workforce saw a much smaller drop in the number of working young adults compared to most other states in the wake of the 2008 recession.