New York City millennials earning less and less, but still better off than those elsewhere
But there are fewer mid-wage and high-wage jobs in the city in fields including finance, media and legal services than at the turn of the century, though the gap between the highest-paid young adults and everyone else has grown. Low-wage industries including retail and hospitality expanded, but offer less hope for prosperity.
Millennials coming to the city have markedly different demographics from the groups already here or leaving.
From 2010 to 2014, more than 60% of young adults moving to the city were white, and 25% were Asian. Most new out-of-state arrivals came from New Jersey, California or Pennsylvania. Meanwhile, 20% of those leaving were black, but only 9% of new arrivals were. Hispanic young people came and went at roughly the same pace.
According to the study, black and Hispanic millennials faced significantly worse unemployment rates than white or Asian young adults in the city. And educational disparities exacerbated joblessness. More than 20% of city residents age 23 to 29 with a high school diploma were neither in the school nor the work force. That number was less than 5% for those who attended college.
People age 19 to 29 were a group of 1.6 million in the city 2014, a larger population than that of baby boomers. Roughly half were born in New York state, slightly more than 30% were born in other countries, and the rest come from other states. As of 2014, Hispanics are the largest ethnic/racial group among young adults across the city.
NYC Millennials in Recession and Recovery