SIOUX FALLS, S.D. (KELO AM) - South Dakota is near the top of the pack as a great place for millennials to live, according to new research from Moneyrates.
Analyst Richard Barrington says South Dakota has a winning combination of factors in its favor.
Barrington says South Dakota has the lowest unemployment rate in the nation and yet it also has the cheapest rents in the nation. If you're a young adult, the combination of good job prospects and affordable rents is pretty powerful.
Barrington says it isn't only young job-seekers who would benefit but millennial-friendly states could see economic benefits down the line.
He says with the baby boomer 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.
Average rent for a one-bedroom apartment in Sioux Falls is about 350 dollars a month and South Dakota ranked above average in access to broadband and the number of bars and nightclubs.
According a recent 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 after the 2008 recession.
(Thanks Greater Dakota News Service)