CT ranked #3 for median income of Gen Z employees in the US

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The presence of Gen Z in the American workforce has grown rapidly over the past few years. And one of the highest paying states for this age group is the Nutmeg State.

In 2021, the median annual income of workers aged 16 to 24 in Connecticut was around $39,590, the third highest of any state, according to an analysis by GoBankingRates.

Connecticut was behind Massachusetts, which ranked first with a median salary of $41,491, and Washington ranked second with $39,976. The median salary in the United States was $32,500.

To determine its results, GoBankingRates analyzed the median hourly, weekly, and annual earnings of 16- to 24-year-olds in the United States.
The Personal Finance website researchers compared the median hourly income for all occupations in each state with the national average. They then factored in the weekly earnings of 16- to 24-year-olds to calculate each state’s median weekly and annual earnings for the age group.

The median weekly wage for this age group in Connecticut is around $761, compared to $625 for the United States. The median hourly wage in the state is $24.57, compared to $20.17 for the United States.

Connecticut has relatively high incomes overall, as the state was also ranked among the six richest in America in 2021, with a median household income of $78,833, according to US News. However, the state also ranks first in income inequality, with the average income of Connecticut’s top 1% in 2018 nearly 37 times that of the bottom 99%, according to the Economic Policy Institute. .

In Connecticut, higher wages also come with a higher cost of living. According to a report released Aug. 2, a renter in Connecticut needs to earn $27.80 an hour to comfortably afford a two-bedroom apartment, which is higher than the median hourly wage for Gen Z. The Bridgeport-Norwalk-Stamford metro area also has the third most expensive median monthly rental price, according to previous reports from Hearst Connecticut.

High rent costs could make it difficult for young workers in Connecticut to leave their parents’ homes, as many young adults still live in multigenerational settings. In a 2020 report by employment support service Zippia.com, Connecticut had the second highest percentage of 18-34 year olds living with their parents, 41.5% still living at home, and experts say that these numbers have not decreased significantly since the pandemic.

Despite housing costs and the impacts of a global pandemic, Gen Z’s wealth is growing the fastest of any generation and Bank of America predicts their average income will exceed millennial wages by 2031 , according to a 2020 CNBC report.

Click here to see how Connecticut compares to other states.

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