A new report from State Comptroller Thomas P. DiNapoli shows that New York’s young adults, including Millennials and Generation Z, are facing significant economic challenges, from rising costs to higher unemployment rates and growing debt.
“Young adults are dealing with mounting obstacles to achieving financial stability and independence,” DiNapoli said. “A shrinking pool of entry-level jobs, rising housing costs, and increasing debt make it harder for them to live independently and plan for the future. Expanding housing options, improving access to education, and creating job opportunities are essential to reversing these trends.”
According to the report, there were 4.6 million New Yorkers aged 18 to 34 in 2023, representing 23% of the state’s population. Over the past decade, this age group declined by nearly 2%, while nationally, young adults grew by 4.2%. The majority live downstate, with one in four New York City residents falling into this category.
Education and Employment
More than half of New York high school graduates pursue higher education, and young adults aged 26 to 34 are more likely to hold a bachelor’s degree than older adults. However, unemployment remains high for young adults at 8.6%, more than double the statewide average. The report also highlights racial and educational disparities, with Black and Hispanic young adults, as well as those without a college degree, experiencing higher unemployment.
Cost of Living and Debt
Housing, food, and transportation make up over two-thirds of young adults’ spending, with housing alone representing 35%. Rising rental costs and limited lower-cost housing options have left over one-third of young renters spending more than 30% of their income on housing. Homeownership has also dropped among 26- to 34-year-olds, from 31% in 2004 to 23% in 2023.
Debt is another major concern. Young adults hold nearly 30% of the nation’s household debt, and New Yorkers in this age group carry an average student loan debt of just over $30,300—the second highest in the country. Student loan delinquencies surged to 9.7% in mid-2025 following the end of the federal pause on credit reporting.
DiNapoli stressed that addressing affordability, expanding housing, and improving access to education and job opportunities are critical to retaining the state’s young workforce and supporting long-term economic growth.
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