The Best-Paying Cities for Millennial Women

By Ana Gonzalez-Ribeiro, MBA, AFC®
Published on: 09/02/2020

Compared to previous generations, millennial women have made tremendous strides in the workforce. Millennial women outpace men when it comes to earning college degrees, they have achieved record-high levels of labor force participation, and they continue to narrow the gender wage gap. According to the latest data from the U.S. Census Bureau, median earnings for full-time millennial women is $38,000 compared to $43,000 for millennial men.

Young women’s median income has risen dramatically over the past 70 years. According to figures from the Current Population Survey, the median income for full- and part-time women aged 25 to 34 was just over $12,000 in 1948 (in 2018 dollars). As of 2018, that figure had increased by 161 percent, to over $32,000. In comparison, real median income for men aged 25 to 34 increased by just 23 percent over the same time period. While young women’s income has grown steadily since 1948 (after adjusting for inflation), that for young men peaked in 1973 and has been trending downward since.

Chart1 Female wages over time

Not only are millennial women earning more today than previous generations, but they are more likely to participate in the labor force. Data from the Bureau of Labor Statistics shows that over three-quarters of women aged 25 to 34 were in the labor force at the start of 2020. This represents a dramatic increase from earlier generations. For reference, just one-third of 25- to 34-year-old women were in the labor force in 1948. Interestingly, labor force participation among young men has declined from its peak in the 1950s. As of the start of 2020, approximately 89 percent of men aged 25 to 34 were in the labor force, down from a high of almost 98 percent in 1955.

Chart2 Female labor force participation over time

Despite strides at the national level, millennial women’s earnings vary considerably across cities and states. In order to make earnings comparable across locations, median earnings for each state and metro were adjusted up or down based on cost-of-living differences. In high-priced cities, such as San Jose, cost-of-living-adjusted earnings are lower than actuals; whereas, in more affordable cities, like Cincinnati, cost-of-living-adjusted earnings are higher than actuals.

At the state level, Massachusetts and Connecticut are the best-paying cities for full-time millennial women, with cost-of-living-adjusted median earnings of $45,579 and $42,413, respectively. At the other end of the spectrum, Florida and New Mexico rank the lowest, with cost-of-living-adjusted median earnings at $33,797 and $32,931, respectively.

Chart3 Best paying states for millennial women


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To find the best-paying metropolitan areas for millennial women, researchers at Self Financial, a company that helps consumers build credit, analyzed the latest data from the U.S. Census Bureau and the Bureau of Economic Analysis. The researchers ranked metro areas according to the cost-of-living-adjusted median earnings for full-time millennial women. Researchers also calculated unadjusted median annual earnings for millennial women and men and the labor force participation rate among millennial women.

To improve relevance, only metropolitan areas with at least 100,000 people were included in the analysis. Additionally, metro areas were grouped into the following cohorts based on population size:

  • Small metros: 100,000-349,999
  • Midsize metros: 350,000-999,999
  • Large metros: 1,000,000 or more

Here are the best-paying metropolitan areas for millennial women.

Chart4 Best paying small and midsize metros for millennial women

Best-Paying Large Metros for Millennial Women

15 Maryland Baltimore-M5G7K2
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15. Baltimore-Columbia-Towson, MD

  • Median earnings for full-time millennial women (adjusted): $42,174
  • Median earnings for full-time millennial women (unadjusted): $45,000
  • Median earnings for full-time millennial men (unadjusted): $52,000
  • Labor force participation among millennial women: 83.8%
  • Cost of living: 6.7% above average

14 New York Buffalo-PRP666
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14. Buffalo-Cheektowaga-Niagara Falls, NY

  • Median earnings for full-time millennial women (adjusted): $42,194
  • Median earnings for full-time millennial women (unadjusted): $40,000
  • Median earnings for full-time millennial men (unadjusted): $44,000
  • Labor force participation among millennial women: 81.7%
  • Cost of living: 5.2% below average

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13 Wisconsin Milwauee-MPKK1M copy
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13. Milwaukee-Waukesha-West Allis, WI

  • Median earnings for full-time millennial women (adjusted): $42,194
  • Median earnings for full-time millennial women (unadjusted): $40,000
  • Median earnings for full-time millennial men (unadjusted): $48,000
  • Labor force participation among millennial women: 84.0%
  • Cost of living: 5.2% below average

12 Pennsylvania Philadelphia-TBMYRC
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12. Philadelphia-Camden-Wilmington, PA-NJ-DE-MD

  • Median earnings for full-time millennial women (adjusted): $42,694
  • Median earnings for full-time millennial women (unadjusted): $45,000
  • Median earnings for full-time millennial men (unadjusted): $48,000
  • Labor force participation among millennial women: 81.0%
  • Cost of living: 5.4% above average

11 Pennsylvania Pittsburgh-KCH540
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11. Pittsburgh, PA

  • Median earnings for full-time millennial women (adjusted): $42,965
  • Median earnings for full-time millennial women (unadjusted): $40,000
  • Median earnings for full-time millennial men (unadjusted): $46,000
  • Labor force participation among millennial women: 81.6%
  • Cost of living: 6.9% below average

10 Minnesota Minneapolis-J73XBX
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10. Minneapolis-St. Paul-Bloomington, MN-WI

  • Median earnings for full-time millennial women (adjusted): $43,372
  • Median earnings for full-time millennial women (unadjusted): $44,500
  • Median earnings for full-time millennial men (unadjusted): $50,000
  • Labor force participation among millennial women: 87.5%
  • Cost of living: 2.6% above average

09 Ohio Columbus-P1R4RP
Photo Credit: Alamy Stock Photo

9. Columbus, OH

  • Median earnings for full-time millennial women (adjusted): $43,526
  • Median earnings for full-time millennial women (unadjusted): $40,000
  • Median earnings for full-time millennial men (unadjusted): $45,400
  • Labor force participation among millennial women: 81.0%
  • Cost of living: 8.1% below average

08 Indiana Indianapolis KWPHPX
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8. Indianapolis-Carmel-Anderson, IN

  • Median earnings for full-time millennial women (adjusted): $43,668
  • Median earnings for full-time millennial women (unadjusted): $40,000
  • Median earnings for full-time millennial men (unadjusted): $42,500
  • Labor force participation among millennial women: 79.6%
  • Cost of living: 8.4% below average

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07 Washington Bellevue-KHM6E1
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7. Seattle-Tacoma-Bellevue, WA

  • Median earnings for full-time millennial women (adjusted): $43,844
  • Median earnings for full-time millennial women (unadjusted): $49,500
  • Median earnings for full-time millennial men (unadjusted): $60,000
  • Labor force participation among millennial women: 78.9%
  • Cost of living: 12.9% above average

06 North Carolina Raleigh-EN5EED
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6. Raleigh, NC

  • Median earnings for full-time millennial women (adjusted): $43,996
  • Median earnings for full-time millennial women (unadjusted): $42,500
  • Median earnings for full-time millennial men (unadjusted): $44,500
  • Labor force participation among millennial women: 79.1%
  • Cost of living: 3.4% below average

05 Massachusetts Boston EAYKR2
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5. Boston-Cambridge-Newton, MA-NH

  • Median earnings for full-time millennial women (adjusted): $44,658
  • Median earnings for full-time millennial women (unadjusted): $51,000
  • Median earnings for full-time millennial men (unadjusted): $60,000
  • Labor force participation among millennial women: 84.5%
  • Cost of living: 14.2% above average

04 District of Columbia-ETY6HN copy
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4. Washington-Arlington-Alexandria, DC-VA-MD-WV

  • Median earnings for full-time millennial women (adjusted): $46,689
  • Median earnings for full-time millennial women (unadjusted): $55,000
  • Median earnings for full-time millennial men (unadjusted): $60,000
  • Labor force participation among millennial women: 84.7%
  • Cost of living: 17.8% above average

03 Connecticut Hartford ETY5T6
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3. Hartford-West Hartford-East Hartford, CT

  • Median earnings for full-time millennial women (adjusted): $48,972
  • Median earnings for full-time millennial women (unadjusted): $50,000
  • Median earnings for full-time millennial men (unadjusted): $50,000
  • Labor force participation among millennial women: 84.4%
  • Cost of living: 2.1% above average

02 California San Francisco-J328FW copy
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2. San Francisco-Oakland-Hayward, CA

  • Median earnings for full-time millennial women (adjusted): $49,392
  • Median earnings for full-time millennial women (unadjusted): $65,000
  • Median earnings for full-time millennial men (unadjusted): $70,000
  • Labor force participation among millennial women: 81.9%
  • Cost of living: 31.6% above average

01 California Sunnyvale-HAPGB7
Photo Credit: Alamy Stock Photo

1. San Jose-Sunnyvale-Santa Clara, CA

  • Median earnings for full-time millennial women (adjusted): $51,005
  • Median earnings for full-time millennial women (unadjusted): $66,000
  • Median earnings for full-time millennial men (unadjusted): $80,000
  • Labor force participation among millennial women: 79.1%
  • Cost of living: 29.4% above average

Detailed Findings & Methodology

The best-paying metro areas for millennial women are spread out across the country, running the gamut from very expensive to affordable. Although the San Jose and San Francisco metro areas are some of the priciest in the country, these metros claim the top two spots among the best-paying large metro areas even after taking cost of living into account. Wages are high enough in these metros to make up for the sky-high living costs.

The best-paying large metros tend to have high rates of labor force participation among millennial women. On average, over 82 percent of millennial women are in the labor force for these metros, compared to the national average of 78.6 percent. This pattern holds true for the best-paying midsize metros as well, but labor force participation rates among millennial women vary significantly across the best-paying small metros.

Statistics on labor force participation and median earnings for full-time millennials were derived from the U.S. Census Bureau’s 2018 American Community Survey Public Use Microdata Sample (ACS PUMS). The Pew Research Center defines millennials as the generation of people born between 1981 and 1996, meaning millennials were 22 to 37 years old in 2018.

The cost-of-living index is from the Bureau of Economic Analysis’s Regional Price Parity dataset for 2018. To account for cost-of-living differences, median earnings for each metro were adjusted using the cost-of-living index for that metro. Earnings in expensive metros were adjusted down to reflect lower purchasing power while earnings in relatively affordable locations were adjusted up to reflect higher purchasing power.

Metro areas were ranked by the cost-of-living-adjusted median earnings for full-time millennial women. Only metropolitan areas with at least 100,000 people were included in the analysis. Additionally, metro areas were grouped into the following cohorts based on population size:

  • Small metros: 100,000-349,999
  • Midsize metros: 350,000-999,999
  • Large metros: 1,000,000 or more

About the author

Jeff Smith is the VP of Marketing for Self Financial.

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Written on September 2, 2020
Self is a venture-backed startup that helps people build credit and savings.

Self does not provide financial advice. The content on this page provides general consumer information and is not intended for legal, financial, or regulatory guidance. The content presented does not reflect the view of the Issuing Banks. Although this information may include references to third-party resources or content, Self does not endorse or guarantee the accuracy of this third-party information. Any Self product links are advertisements for Self products. Please consider the date of publishing for Self’s original content and any affiliated content to best understand their contexts.

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