Which States Are the ‘Rich’ Millennials Moving To?

By Chantal Allam
The News & Observer (Raleigh, NC)
(TNS)

High-earning millennials—those with annual incomes above $200,000—are exiting states like New York and California in droves, according to new analysis by SmartAsset.

And a large percentage of them are ending up in the Old North State.

North Carolina ranked No. 3 for the nation’s highest net migration of well-heeled millennials, ages 26 to 45, posting a net gain of 1,970, the study found. That’s behind Florida (6,188) and Texas (5,151).

On average, these households earn $430,957 per year and make up 20.2% of all households in the state earning $200,000 or more.

They’ve got disposable income to burn. “Their impact on local economies can be outsized,” SmartAsset said, adding: When they choose to move, “their disproportionate economic power also goes with them.”

On the flip side: California saw the largest exodus, with a net loss of 9,181 well-heeled millennial households, while New York lost 4,251.

SmartAsset examined the latest IRS data for 2021 and 2022, comparing the inflow of qualifying households in each state to the outflow. The average adjusted gross income for each state’s household was also considered.

______

IRS
Payroll