A recent report from New York State Comptroller Thomas P. DiNapoli outlines economic and affordability challenges for young adults in New York. The report focuses on Generation Z and younger Millennials, aged 18 to 34. This group faces higher unemployment, rising living costs, and increasing debt. These factors affect their financial independence and stability.
The report states that the job market for young adults is more competitive. There are fewer entry-level positions and higher unemployment. The impact of artificial intelligence on jobs is noted as a contributing factor. The report suggests that improving housing affordability, expanding housing options, and increasing access to education and job training could help address these issues. Retaining young workers is identified as important for New York’s economic growth.
In 2023, New York had 4.6 million young adults, or 23.2% of the state’s population. This group declined by 1.9% over the past decade, while the national young adult population grew by 4.2%. Most young adults in New York live in downstate areas, such as New York City, Long Island, and the Hudson Valley. The North Country saw the largest regional decline in young adults at 8.5%…