The more-well-heeled millennial has different preferences than those who don't do as well, and that extends to where they want to live. SmartAsset set out to find out where they are going.
To determine where wealthy millennials are moving, we considered the inflow and outflow of this demographic to each state. We defined millennials as people under the age of 35 and looked specifically at millennials with adjusted gross incomes (AGI) of at least $100,000.
Key Findings
- Rich millennials are moving to the coasts. Seven of the states in our top 10 are either on the East Coast or the West Coast. With Texas on the Gulf Coast, that makes Colorado and Tennessee the only landlocked states in the top 10.
- The Northeast isn’t popular with wealthy millennials. Save for New Jersey, which made the top 10, the Northeast isn’t a popular destination for the wealthy under 35. Five of the bottom 10 states (Connecticut, Maryland, Pennsylvania, Massachusetts and New York [dead last]), plus the District of Columbia, are located in the Northeastern region of the U.S.
