Top 12 States Where Wealthy Millennials Are Moving
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A wealthy subset of millennials in the United States has more disposable income and economic freedom than their less well-off counterparts, according to a new report from SmartAsset. Their effect on local economies can also be outsized, and when they relocate for job opportunities and other reasons, they take their economic clout with them.
Citing Census Bureau data, SmartAsset reported that U.S. millennials earn around $84,000 annually, well above the country’s median income of roughly $75,000. Many millennials far exceed the median, bringing in upward of $200,000 a year and earning them the classification of “high earners” in Internal Revenue Service parlance.
To determine where wealthy millennials are moving, SmartAsset examined IRS data from the 2021 and 2022 tax years (the latest data available) for households aged 26 to 45. Researchers compared the inflow of qualifying households in each state with the outflows to determine the net migration of high-earning households. They also considered the average adjusted gross income for a state’s wealthy millennials households.
See the accompanying gallery for the top 12 states where millennials earning $200,000 or more annually are moving.
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