Where Wealthy Millennials Are Moving

According to the Census Bureau, the median income in the U.S. is around $75,000, with Millennials earning higher than average at roughly $84,000 annually. But many Millennials eclipse the median, with some households bringing in more than $200,000 per year – earning the classification of “high earners” per the IRS. These Millennials in particular have more disposable income and economic freedom than their median counterparts, so their impact on local economies can be outsized. When these wealthy Millennials choose to move for job opportunities, lifestyle, family and other reasons, their disproportionate economic power also goes with them.

With this in mind, SmartAsset examined the latest tax return data to determine which states these wealthy Millennials are moving to and from.

Key Findings

Florida and Texas gained the most wealthy Millennial households. When looking at the inflow and outflow of wealthy Millennials, Florida had the highest net immigration of high earners in this age group with 6,188 households. Texas ranked second with a net gain of 5,151 households. Trailing behind in third was North Carolina with a net of 1,970 households moved in.
Wealthy Millennials have a preference for Colorado and Georgia compared to peers in other generations. In both states, the number of high-earning Millennial households make up 87% of the net gain of all high-earning households that moved to each. Colorado gained 1,227 wealthy Millennial households, out of a total net gain of 1,403 households earning $200,000 or more per year. For Georgia, 895 of the 1,024 wealthy households that moved in were Millennials. Overall, Colorado ranked fourth and Georgia ranked seventh for where most wealthy Millennials moved.
Wealthy Millennials leave California and New York. California lost a net of 9,181 wealthy Millennial households, the most studywide. New York lost second-most at 4,251 net households. Illinois (-3,163) and Massachusetts (-1,927) also lost a significant amount of wealthy Millennials.
Utah has the highest percentage of wealthy households that are Millennials. Out of a total of 94,488 households making over $200,000 per year, 25.0% are Millennials in Utah. Overall, Utah ranks 15th for where high-earning Millennials moved. Washington state has the second-highest rate of Millennials among high-earners at 24.6%. Meanwhile, New Mexico has the lowest occurrence of wealthy Millennials at just 15.0% of all households earning $200k+.
Wealthy Millennials in these states earn the most, on average. When adjusting the total AGI for this age group across the number of returns in each state, Wyoming, Nevada and Arkansas come out on top. On average, the AGI for wealthy Millennials in Wyoming is $755,000, compared to $705,000 in Nevada and $679,000 in Arkansas.

Top 10 States Wealthy Millennials Are Moving To

Florida

Net gain of wealthy Millennial households: 6,188
Wealthy Millennial inflow: 11,219
Wealthy Millennial outflow: 5,031
Total number of Millennial returns with income $200k+: 137,049
Average AGI for wealthy Millennial households: $551,114
Percent of wealthy households that are Millennials: 15.6%

Texas

Net gain of wealthy Millennial households: 5,151
Wealthy Millennial inflow: 13,217
Wealthy Millennial outflow: 8,066
Total number of Millennial returns with income $200k+: 261,892
Average AGI for wealthy Millennial households: $469,975
Percent of wealthy households that are Millennials: 22.7%

North Carolina

Net gain of wealthy Millennial households: 1,970
Wealthy Millennial inflow: 4,978
Wealthy Millennial outflow: 3,008
Total number of Millennial returns with income $200k+: 78,142
Average AGI for wealthy Millennial households: $430,957
Percent of wealthy households that are Millennials: 20.2%

Colorado

Net gain of wealthy Millennial households: 1,227
Wealthy Millennial inflow: 4,739
Wealthy Millennial outflow: 3,512
Total number of Millennial returns with income $200k+: 76,264
Average AGI for wealthy Millennial households: $451,535
Percent of wealthy households that are Millennials: 22.3%

Tennessee

Net gain of wealthy Millennial households: 1,197
Wealthy Millennial inflow: 2,997
Wealthy Millennial outflow: 1,800
Total number of Millennial returns with income $200k+: 43,778
Average AGI for wealthy Millennial households: $505,905
Percent of wealthy households that are Millennials: 19.5%

South Carolina

Net gain of wealthy Millennial households: 1,068
Wealthy Millennial inflow: 2,213
Wealthy Millennial outflow: 1,145
Total number of Millennial returns with income $200k+: 27,501
Average AGI for wealthy Millennial households: $431,694
Percent of wealthy households that are Millennials: 17.2%

Georgia

Net gain of wealthy Millennial households: 895
Wealthy Millennial inflow: 3,847
Wealthy Millennial outflow: 2,952
Total number of Millennial returns with income $200k+: 78,314
Average AGI for wealthy Millennial households: $446,434
Percent of wealthy households that are Millennials: 20.4%

Arizona

Net gain of wealthy Millennial households: 668
Wealthy Millennial inflow: 2,835
Wealthy Millennial outflow: 2,167
Total number of Millennial returns with income $200k+: 47,404
Average AGI for wealthy Millennial households: $471,591
Percent of wealthy households that are Millennials: 17.9%

Idaho

Net gain of wealthy Millennial households: 606
Wealthy Millennial inflow: 1,067
Wealthy Millennial outflow: 461
Total number of Millennial returns with income $200k+: 11,997
Average AGI for wealthy Millennial households: $450,278
Percent of wealthy households that are Millennials: 19.5%

Nevada

Net gain of wealthy Millennial households: 510
Wealthy Millennial inflow: 1,763
Wealthy Millennial outflow: 1,253
Total number of Millennial returns with income $200k+: 19,608
Average AGI for wealthy Millennial households: $704,865
Percent of wealthy households that are Millennials: 17.6%

Top 10 States Wealthy Millennials Are Moving Out Of

California

Net loss of wealthy Millennial households: -9,181
Wealthy Millennial inflow: 14,139
Wealthy Millennial outflow: 23,320
Total number of Millennial returns with income $200k+: 589,524
Average AGI for wealthy Millennial households: $557,054
Percent of wealthy households that are Millennials: 23.1%

New York

Net loss of wealthy Millennial households: -4,251
Wealthy Millennial inflow: 11,340
Wealthy Millennial outflow: 15,591
Total number of Millennial returns with income $200k+: 242,762
Average AGI for wealthy Millennial households: $577,533
Percent of wealthy households that are Millennials: 21.6%

Illinois

Net loss of wealthy Millennial households: -3,163
Wealthy Millennial inflow: 3,694
Wealthy Millennial outflow: 6,857
Total number of Millennial returns with income $200k+: 127,494
Average AGI for wealthy Millennial households: $470,112
Percent of wealthy households that are Millennials: 21.5%

Massachusetts

Net loss of wealthy Millennial households: -1,927
Wealthy Millennial inflow: 3,683
Wealthy Millennial outflow: 5,610
Total number of Millennial returns with income $200k+: 112,546
Average AGI for wealthy Millennial households: $479,226
Percent of wealthy households that are Millennials: 21.3%

Pennsylvania

Net loss of wealthy Millennial households: -609
Wealthy Millennial inflow: 3,883
Wealthy Millennial outflow: 4,492
Total number of Millennial returns with income $200k+: 103,435
Average AGI for wealthy Millennial households: $420,588
Percent of wealthy households that are Millennials: 19.6%

Minnesota

Net loss of wealthy Millennial households: -365
Wealthy Millennial inflow: 1,399
Wealthy Millennial outflow: 1,764
Total number of Millennial returns with income $200k+: 58,174
Average AGI for wealthy Millennial households: $397,778
Percent of wealthy households that are Millennials: 22.6%

Louisiana

Net loss of wealthy Millennial households: -325
Wealthy Millennial inflow: 643
Wealthy Millennial outflow: 968
Total number of Millennial returns with income $200k+: 20,847
Average AGI for wealthy Millennial households: $413,864
Percent of wealthy households that are Millennials: 19.8%

Washington

Net loss of wealthy Millennial households: -222
Wealthy Millennial inflow: 6,605
Wealthy Millennial outflow: 6,827
Total number of Millennial returns with income $200k+: 144,475
Average AGI for wealthy Millennial households: $459,701
Percent of wealthy households that are Millennials: 24.6%

Michigan

Net loss of wealthy Millennial households: -189
Wealthy Millennial inflow: 1,986
Wealthy Millennial outflow: 2,175
Total number of Millennial returns with income $200k+: 60,457
Average AGI for wealthy Millennial households: $418,757
Percent of wealthy households that are Millennials: 18.1%

Missouri

Net loss of wealthy Millennial households: -168
Wealthy Millennial inflow: 1,341
Wealthy Millennial outflow: 1,509
Total number of Millennial returns with income $200k+: 35,841
Average AGI for wealthy Millennial households: $435,553
Percent of wealthy households that are Millennials: 19.9%

Data and Methodology

To determine where wealthy Millennials are moving, SmartAsset examined the latest IRS data, which comes from the 2021 and 2022 tax years. Wealthy households are defined here as those with adjusted gross incomes of $200,000 or more, which the IRS deems as the threshold for “high earners”. Applicable tax returns filed for households aged 26 to 45 were considered. The inflow of qualifying households in each state were compared with the outflows to determine the net migration of high-earning households. The average AGI for a state’s wealthy Millennials households was also considered.

Where Wealthy Millennials Are Moving – 2024 Study