Gen Z vs. Millennials: Who Has It Harder When It Comes to Income in Every State?
The two generations that boomers love to blame for the state of the world while sitting in the fully paid-off home they purchased on a single income would have to be Gen Z and millennials. While passing the buck (though, in this economy, not literally) is commonplace across age groups, when you analyze who really has it the hardest financially, the numbers speak for themselves.
To get to the bottom of how incomes compare, MoneyLion has done some research to give you a state-by-state breakdown of cost of living and income gaps between Gen Z and millennials.
Check Out: Gen Z Views This Boomer Spending Habit as 'Cringe' — Are They Right?
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Key Findings
After deep-diving through some interesting, occasionally startling statistics, here are some takeaways to consider:
The average monthly expenses for necessities for Gen Z only top $1,000 in Alaska and Hawaii. However, for millennials, the average totals $1,000 or more in 20 states.
There are seven states where the median Gen Z household income is higher than the median millennial household income: Connecticut, Hawaii, Massachusetts, New Hampshire, New York, Rhode Island and Vermont.
The state with the biggest difference in median household income between the generations is Masschusetts. In Massachusetts, Gen Z outpaces millennials by $35,058.
Massachusetts, New York, New Jersey and Connecticut are the only states where over 30% of Gen Z has a bachelor's degree or higher, whereas nearly half the states show this statistic for millennials.
Here is a comparison for who may (or may not) have it harder when it comes to income in every state.
Alabama
Annual cost of living for Gen Z: $24,778
Annual cost of living for millennials: $27,629
Median household income for Gen Z: $67,000
Median household income for millennials: $77,924
How much higher the millennial median household wage income is than the Gen Z median household wage income: $10,924
Alaska
Annual cost of living for Gen Z: $39,416
Annual cost of living for millennials: $43,655
Median household income for Gen Z: $94,076
Median household income for millennials: $113,560
How much higher the millennial median household wage income is than the Gen Z median household wage income: $19,484
Arizona
Annual cost of living for Gen Z: $37,889
Annual cost of living for millennials: $40,818
Median household income for Gen Z: $75,500
Median household income for millennials: $947,164
How much higher the millennial median household wage income is than the Gen Z median household wage income: $21,664
Arkansas
Annual cost of living for Gen Z: $23,646
Annual cost of living for millennials: $26,380
Median household income for Gen Z: $62,000
Median household income for millennials: $76,600
How much higher the millennial median household wage income is than the Gen Z median household wage income: $14,600
California
Annual cost of living for Gen Z: $64,151
Annual cost of living for millennials: $67,398
Median household income for Gen Z: $104,271
Median household income for millennials: $115,857
How much higher the millennial median household wage income is than the Gen Z median household wage income: $11,586
Colorado
Annual cost of living for Gen Z: $45,784
Annual cost of living for millennials: $49,048
Median household income for Gen Z: $87,812
Median household income for millennials: $115,000
How much higher the millennial median household wage income is than the Gen Z median household wage income: $27,188
Connecticut
Annual cost of living for Gen Z: $40,889
Annual cost of living for millennials: $44,301
Median household income for Gen Z: $112,543
Median household income for millennials: $110,840
How much higher the millennial median household wage income is than the Gen Z median household wage income: -$1,703
Delaware
Annual cost of living for Gen Z: $37,003
Annual cost of living for millennials: $40,205
Median household income for Gen Z: $92,644
Median household income for millennials: $100,200
How much higher the millennial median household wage income is than the Gen Z median household wage income: $7,556
Florida
Annual cost of living for Gen Z: $34,520
Annual cost of living for millennials: $37,442
Median household income for Gen Z: $76,517
Median household income for millennials: $87,497
How much higher the millennial median household wage income is than the Gen Z median household wage income: $10,980
Georgia
Annual cost of living for Gen Z: $31,608
Annual cost of living for millennials: $34,618
Median household income for Gen Z: $75,029
Median household income for millennials: $90,010
How much higher the millennial median household wage income is than the Gen Z median household wage income: $14,981
Hawaii
Annual cost of living for Gen Z: $70,601
Annual cost of living for millennials: $74,571
Median household income for Gen Z: $116,597
Median household income for millennials: $111,585
How much higher the millennial median household wage income is than the Gen Z median household wage income: -$5,012
Idaho
Annual cost of living for Gen Z: $41,239
Annual cost of living for millennials: $44,508
Median household income for Gen Z: $77,531
Median household income for millennials: $92,685
How much higher the millennial median household wage income is than the Gen Z median household wage income: $15,154
Illinois
Annual cost of living for Gen Z: $29,117
Annual cost of living for millennials: $32,317
Median household income for Gen Z: $79,478
Median household income for millennials: $101,000
How much higher the millennial median household wage income is than the Gen Z median household wage income: $21,522
Indiana
Annual cost of living for Gen Z: $26,452
Annual cost of living for millennials: $29,445
Median household income for Gen Z: $71,100
Median household income for millennials: $87,891
How much higher the millennial median household wage income is than the Gen Z median household wage income: $16,791
Iowa
Annual cost of living for Gen Z: $24,687
Annual cost of living for millennials: $27,657
Median household income for Gen Z: $73,106
Median household income for millennials: $92,685
How much higher the millennial median household wage income is than the Gen Z median household wage income: $19,579
Kansas
Annual cost of living for Gen Z: $25,526
Annual cost of living for millennials: $28,456
Median household income for Gen Z: $68,258
Median household income for millennials: $94,000
How much higher the millennial median household wage income is than the Gen Z median household wage income: $25,742
Kentucky
Annual cost of living for Gen Z: $24,377
Annual cost of living for millennials: $27,299
Median household income for Gen Z: $66,800
Median household income for millennials: $83,997
How much higher the millennial median household wage income is than the Gen Z median household wage income: $17,197
Louisiana
Annual cost of living for Gen Z: $22,951
Annual cost of living for millennials: $25,855
Median household income for Gen Z: $60,000
Median household income for millennials: $78,946
How much higher the millennial median household wage income is than the Gen Z median household wage income: $18,946
Maine
Annual cost of living for Gen Z: $38,449
Annual cost of living for millennials: $41,948
Median household income for Gen Z: $92,178
Median household income for millennials: $94,429
How much higher the millennial median household wage income is than the Gen Z median household wage income: $2,251
Maryland
Annual cost of living for Gen Z: $39,250
Annual cost of living for millennials: $42,542
Median household income for Gen Z: $97,320
Median household income for millennials: $117,000
How much higher the millennial median household wage income is than the Gen Z median household wage income: $19,680
Massachusetts
Annual cost of living for Gen Z: $57,178
Annual cost of living for millennials: $61,182
Median household income for Gen Z: $161,535
Median household income for millennials: $126,477
How much higher the millennial median household wage income is than the Gen Z median household wage income: -$35,058
Michigan
Annual cost of living for Gen Z: $26,894
Annual cost of living for millennials: $29,722
Median household income for Gen Z: $69,958
Median household income for millennials: $87,891
How much higher the millennial median household wage income is than the Gen Z median household wage income: $17,933
Minnesota
Annual cost of living for Gen Z: $32,953
Annual cost of living for millennials: $36,112
Median household income for Gen Z: $82,350
Median household income for millennials: $110,144
How much higher the millennial median household wage income is than the Gen Z median household wage income: $27,794
Mississippi
Annual cost of living for Gen Z: $21,624
Annual cost of living for millennials: $24,547
Median household income for Gen Z: $64,846
Median household income for millennials: $67,893
How much higher the millennial median household wage income is than the Gen Z median household wage income: $3,047
Missouri
Annual cost of living for Gen Z: $26,706
Annual cost of living for millennials: $29,788
Median household income for Gen Z: $68,405
Median household income for millennials: $88,427
How much higher the millennial median household wage income is than the Gen Z median household wage income: $20,022
Montana
Annual cost of living for Gen Z: $40,826
Annual cost of living for millennials: $44,098
Median household income for Gen Z: $69,000
Median household income for millennials: $91,091
How much higher the millennial median household wage income is than the Gen Z median household wage income: $22,091
Nebraska
Annual cost of living for Gen Z: $27,732
Annual cost of living for millennials: $30,808
Median household income for Gen Z: $67,939
Median household income for millennials: $96,500
How much higher the millennial median household wage income is than the Gen Z median household wage income: $28,561
Nevada
Annual cost of living for Gen Z: $39,141
Annual cost of living for millennials: $41,966
Median household income for Gen Z: $68,015
Median household income for millennials: $86,476
How much higher the millennial median household wage income is than the Gen Z median household wage income: $18,461
New Hampshire
Annual cost of living for Gen Z: $44,976
Annual cost of living for millennials: $48,274
Median household income for Gen Z: $130,000
Median household income for millennials: $119,725
How much higher the millennial median household wage income is than the Gen Z median household wage income: -$10,275
New Jersey
Annual cost of living for Gen Z: $48,878
Annual cost of living for millennials: $52,271
Median household income for Gen Z: $105,000
Median household income for millennials: $121,000
How much higher the millennial median household wage income is than the Gen Z median household wage income: $16,000
New Mexico
Annual cost of living for Gen Z: $30,323
Annual cost of living for millennials: $33,620
Median household income for Gen Z: $61,095
Median household income for millennials: $76,800
How much higher the millennial median household wage income is than the Gen Z median household wage income: $15,705
New York
Annual cost of living for Gen Z: $44,831
Annual cost of living for millennials: $48,226
Median household income for Gen Z: $114,532
Median household income for millennials: $107,184
How much higher the millennial median household wage income is than the Gen Z median household wage income: -$7,348
North Carolina
Annual cost of living for Gen Z: $32,018
Annual cost of living for millennials: $35,375
Median household income for Gen Z: $78,233
Median household income for millennials: $86,468
How much higher the millennial median household wage income is than the Gen Z median household wage income: $8,235
North Dakota
Annual cost of living for Gen Z: $28,470
Annual cost of living for millennials: $31,779
Median household income for Gen Z: $70,742
Median household income for millennials: $98,478
How much higher the millennial median household wage income is than the Gen Z median household wage income: $27,736
Ohio
Annual cost of living for Gen Z: $25,746
Annual cost of living for millennials: $28,758
Median household income for Gen Z: $69,746
Median household income for millennials: $88,515
How much higher the millennial median household wage income is than the Gen Z median household wage income: $18,769
Oklahoma
Annual cost of living for Gen Z: $23,788
Annual cost of living for millennials: $26,784
Median household income for Gen Z: $63,239
Median household income for millennials: $80,292
How much higher the millennial median household wage income is than the Gen Z median household wage income: $17,053
Oregon
Annual cost of living for Gen Z: $44,105
Annual cost of living for millennials: $47,700
Median household income for Gen Z: $77,427
Median household income for millennials: $103,112
How much higher the millennial median household wage income is than the Gen Z median household wage income: $25,685
Pennsylvania
Annual cost of living for Gen Z: $28,883
Annual cost of living for millennials: $31,804
Median household income for Gen Z: $96,466
Median household income for millennials: $97,791
How much higher the millennial median household wage income is than the Gen Z median household wage income: $1,325
Rhode Island
Annual cost of living for Gen Z: $44,728
Annual cost of living for millennials: $47,849
Median household income for Gen Z: $135,055
Median household income for millennials: $103,112
How much higher the millennial median household wage income is than the Gen Z median household wage income: -$31,943
South Carolina
Annual cost of living for Gen Z: $29,647
Annual cost of living for millennials: $32,583
Median household income for Gen Z: $77,203
Median household income for millennials: $82,953
How much higher the millennial median household wage income is than the Gen Z median household wage income: $5,750
South Dakota
Annual cost of living for Gen Z: $30,549
Annual cost of living for millennials: $33,802
Median household income for Gen Z: $75,029
Median household income for millennials: $92,670
How much higher the millennial median household wage income is than the Gen Z median household wage income: $17,641
Tennessee
Annual cost of living for Gen Z: $30,913
Annual cost of living for millennials: $33,635
Median household income for Gen Z: $67,526
Median household income for millennials: $83,380
How much higher the millennial median household wage income is than the Gen Z median household wage income: $15,854
Texas
Annual cost of living for Gen Z: $29,401
Annual cost of living for millennials: $32,389
Median household income for Gen Z: $68,986
Median household income for millennials: $92,644
How much higher the millennial median household wage income is than the Gen Z median household wage income: $23,658
Utah
Annual cost of living for Gen Z: $45,176
Annual cost of living for millennials: $48,016
Median household income for Gen Z: $80,388
Median household income for millennials: $108,085
How much higher the millennial median household wage income is than the Gen Z median household wage income: $27,697
Vermont
Annual cost of living for Gen Z: $37,121
Annual cost of living for millennials: $40,549
Median household income for Gen Z: $119,912
Median household income for millennials: $100,261
How much higher the millennial median household wage income is than the Gen Z median household wage income: -$19,651
Virginia
Annual cost of living for Gen Z: $37,455
Annual cost of living for millennials: $40,747
Median household income for Gen Z: $98,820
Median household income for millennials: $110,400
How much higher the millennial median household wage income is than the Gen Z median household wage income: $11,580
Washington
Annual cost of living for Gen Z: $51,014
Annual cost of living for millennials: $54,412
Median household income for Gen Z: $92,822
Median household income for millennials: $119,633
How much higher the millennial median household wage income is than the Gen Z median household wage income: $26,811
West Virginia
Annual cost of living for Gen Z: $20,665
Annual cost of living for millennials: $23,616
Median household income for Gen Z: $65,000
Median household income for millennials: $80,388
How much higher the millennial median household wage income is than the Gen Z median household wage income: $15,388
Wisconsin
Annual cost of living for Gen Z: $31,835
Annual cost of living for millennials: $34,920
Median household income for Gen Z: $74,148
Median household income for millennials: $97,164
How much higher the millennial median household wage income is than the Gen Z median household wage income: $23,016
Wyoming
Annual cost of living for Gen Z: $33,749
Annual cost of living for millennials: $36,815
Median household income for Gen Z: $65,300
Median household income for millennials: $94,703
How much higher the millennial median household wage income is than the Gen Z median household wage income: $29,403
Methodology: For this study, MoneyLion analyzed each U.S. State to analyze whether Gen Z or millennials have it harder in each state. For this study, Gen Z are considered between the ages of 18 to 29 and millennials are considered between the ages of 30 to 45. For each state a number of factors were found including; total population, population ages 65 and over, total households, median household income for all homes, median household income for Gen Z, median household income for millennials, median personal income for for Gen Z, median person income for millennials, median wage income for Gen Z, and median wage income for millennials were all sourced from the U.S. Census ACS and U.S. Census IPUMS. Using the different values for Gen Z and millennials, the dollar difference and percent difference were calculated for median wage income, median personal income, and median household income. The median wage income, median personal income, and median household income were scored and each weighted at 1.00 for Gen Z data and for millennial data. The two scores for each state were analyzed and the generatioin that has it harder in each state for income earning was identified. All data is up to date as of July 15, 2026.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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