- Rich American millennials are making moves.
- SmartAsset recently ranked the top states rich millennials are moving to.
- As it turns out, rich millennials are heading west and south.
- Visit Business Insider’s homepage for more stories.
Rich millennials are on the move.
SmartAsset recently used IRS data from the 2017 to 2018 tax year to take a look at the states wealthy millennials are moving to. Note that this was conducted based on data prior to the pandemic.
The study defined rich millennials as those younger than 35 who have an adjusted gross income of $100,000 or more. SmartAsset ranked each state by net migration, which it determined by subtracting the number of millennials moving out of the state from the number of millennials moving into the state.
As it turns out, rich millennials crave a life out west or down south. In the top 10 alone, half of the states they’re moving to are western and four are southern.
Below, see the top 25 states attracting rich millennials. We arrived at this list by including all states in SmartAsset's findings that have a positive net migration - the states more rich millennials are moving into than out of.
25. Kansas — Wichita has been undergoing a downtown renovation over the past decade, attracting urban-dwelling millennials.
Number of millennials moved in: 1,262
Number of millennials moved out: 1,237
Net migration: 25
Source: Smart Growth America, The Wichita Eagle
24. South Dakota — South Dakota is one of seven states without income tax.
Number of millennials moved in: 277
Number of millennials moved out: 246
Net migration: 31
Source: Smart Asset
23. Alabama — Birmingham's vibrant and artsy scene has been drawing in millennials.
Number of millennials moved in: 1,108
Number of millennials moved out: 1,067
Net migration: 41
Source: Birmingham Times
22. Vermont — In 2018, Vermont offered Americans up to $10,000 to move to the state and work remotely.
Number of millennials moved in: 283
Number of millennials moved out: 223
Net migration: 60
Source: CNN
21. Indiana — Indianapolis has plenty of entertainment options and available jobs for well-off millennials.
Number of millennials moved in: 1,845
Number of millennials moved out: 1,781
Net migration: 64
Source: Newkirk Realty
20. Minnesota — Minnesota is a progressive state with one of the most highly educated populations in the country.
Number of millennials moved in: 2,116
Number of millennials moved out: 2,012
Net migration: 104
Source: Smart Asset
19. Pennsylvania — Both Philadelphia and Pittsburgh are home to world-class museums.
Number of millennials moved in: 5,257
Number of millennials moved out: 5,100
Net migration: 157
Source: SmartAsset, SmartAsset
18. Montana — Montana yields many opportunities for entrepreneurs and is close to nature, providing a lifestyle many can't find in big cities.
Number of millennials moved in: 472
Number of millennials moved out: 294
Net migration: 178
Source: ABC Fox Montana
17. Michigan — More American millennial millionaires live in Traverse City, Michigan, than in any other US zip code.
Number of millennials moved in: 2,694
Number of millennials moved out: 2,514
Net migration: 180
Source: Business Insider
16. Utah — It's not just wealthy millennials attracted to Utah; the state has more millennials than any other state.
Number of millennials moved in: 1,297
Number of millennials moved out: 1,091
Net migration: 206
Source: Utah Business
15. Maine — Through its Educational Opportunity Tax Credit program, Maine helps college-graduate residents pay off their student debt.
Number of millennials moved in: 523
Number of millennials moved out: 288
Net migration: 235
Source: Utah Business
14. New Hampshire — New Hampshire is in part attractive to young adults because of its low unemployment rates.
Number of millennials moved in: 1,088
Number of millennials moved out: 828
Net migration: 260
Source: New Hampshire Union Leader
13. Nevada — Las Vegas has seen an influx of millennials from California in search of more affordable new homes and less traffic.
Number of millennials moved in: 1,410
Number of millennials moved out: 1,139
Net migration: 271
Source: 8 News Now
12. Georgia — Atlanta has a strong startup scene, and the city has the third-largest concentration of Fortune 500 companies in the country, from Coca Cola and Delta to Home Depot and Porsche.
Number of millennials moved in: 4,037
Number of millennials moved out: 3,584
Net migration: 453
Source: Inc
11. South Carolina — Charleston was hailed as a "millennial magnet" by USA Today because of its startup economy and arts and restaurant scene.
Number of millennials moved in: 2,069
Number of millennials moved out: 1,614
Net migration: 455
Source: USA Today
10. Tennessee — Nashville has become a top city for recent college grads, thanks to its growing tech industry and affordable cost of living.
Number of millennials moved in: 2,625
Number of millennials moved out: 2,130
Net migration: 495
Source: Biz Journals, WKRN
9. Arizona — With its massive art scene and New Age vibe, Arizona has a huge draw for wellness-loving millennials.
Number of millennials moved in: 2,799
Number of millennials moved out: 2,290
Net migration: 509
Source: SmartAsset
8. Idaho — Idaho Falls is attracting millennials with its restaurant scene and recreational activities.
Number of millennials moved in: 903
Number of millennials moved out: 372
Net migration: 531
Source: Local News 8
7. Oregon — Portland has many neighborhoods, a relatively affordable cost of living, and a booming economy. The city offers plenty of jobs with high salaries away from the competition elsewhere on the West Coast.
Number of millennials moved in: 2,375
Number of millennials moved out: 1,698
Net migration: 677
Source: Business Insider
6. New Jersey — Located across the Hudson River from New York City, New Jersey offers a more affordable housing alternative for those who work in the city.
Number of millennials moved in: 7,507
Number of millennials moved out: 6,761
Net migration: 746
Source: App
5. North Carolina — Raleigh and Charlotte, with their plentiful job opportunities and high pay, are major attractions for millennials.
Number of millennials moved in: 4,902
Number of millennials moved out: 4,041
Net migration: 861
Source: The News & Observer
4. Florida — Miami, Jacksonville, and Tampa are hot cities for millennials; the latter has been dubbed a "city-on-the-rise" for its beach proximity, low unemployment rate, and beer scene.
Number of millennials moved in: 6,563
Number of millennials moved out: 5,471
Net migration: 1,092
Source: 10 News, Curbed, Jacksonville.com
3. Texas — Dallas-Fort Worth, Austin, and Houston have become magnets for millennials looking to work for small businesses.
Number of millennials moved in: 10,962
Number of millennials moved out: 9,158
Net migration: 1,804
Source: Chron
2. Colorado — Millennials have been flocking to Denver for its numerous high-paying jobs, reasonable commutes, and activities. It also gets 300 days of sunshine a year.
Number of millennials moved in: 5,180
Number of millennials moved out: 3,372
Net migration: 1,808
Source: Denver Post, SmartAsset
1. Washington — Home to the headquarters of Amazon and Microsoft, the Seattle metro area is a thriving tech center.
Number of millennials moved in: 7,310
Number of millennials moved out: 4,753
Net migration: 2,557
Source: The New York Times