Oklahoma City among top 20 cities where millennials make the most money
In some ways it’s tough to be a millennial, but financially speaking, it can be especially rough. It’s hard to go a day without hearing a new batch of horror stories about how much student loan debt most of America’s recent grads (and current college students!) are being put into, about how there’s an affordable housing shortage in many areas, and wage stagnation issues . To sustain a decent life despite all these obstacles, millennials have to be especially mindful of the potential salaries they could earn. This is why Credit Sesame crunched the numbers—to find out where millennials could be making the most money.
“Using data from the U.S. Census Bureau, Credit Sesame calculated the average income for employed millennials (between the ages of 18 and 35) for the largest 100 metropolitan statistical areas. Its researchers then adjusted the results by cost-of-living differences so that cities could be accurately compared.” Using this data and methodology, Credit Sesame deemed Oklahoma City to be the twentieth city millennials make the most money in.
The average unadjusted income for millennials in Oklahoma City is $34,214 (or $37,351 adjusted). This is about 68% of the unadjusted average income for all adults in Oklahoma City, which is $50,597. To help put into perspective how incredible of a number 68% is here, let’s take a look at the #1 spot on this list: San Francisco-Oakland-Hayward, CA. The unadjusted average income for millennials is $56,615. The average income for all adults in the area, on the other hand, is $81,783. In other words, the average millennial in San Francisco-Oakland-Hayward makes about 69% what the average adult does—only 1% more than Oklahoma City.
Perhaps Oklahoma City’s greatest asset that help put it on this list is its low costs of living. Perhaps $34,214 might not sound as fabulous as, say, San Francisco’s $56,615, but living in Oklahoma City is remarkably more budget friendly than San Francisco. In fact, according to this very article, the regional price difference in living in Oklahoma City is 8.4% lower (as opposed to San Francisco’s 24.7% higher). In fact, according to our Cost of Living Calculator on ABetterLifeOKC.com, someone moving from San Francisco and making $56,615 would only have to make $24,927 in Oklahoma City to achieve the same standard of living.
Understated is that Oklahoma City happens to be tied for first place on this list for percentage of millennials in the working force (41%--tied with Charleston-North Charleston, SC and Austin-Round Rock, TX). For the millennial who doesn’t just want to live somewhere that will give them more bang for their buck, but also somewhere that they’re more likely to have coworkers around their same age, Oklahoma City is ideal.
You can read the list in its entirety on Credit Sesame.