The top 25 states rich millennials are moving to

Edward Berthelot/Getty ImagesRich millennials are on the move.

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 $US100,000 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.

Sean Pavone/Shutterstock

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.

peeterv/ Getty Images

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.

Sean Pavone/Shutterstock

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 $US10,000 to move to the state and work remotely.

SNEHIT/Shutterstock

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.

Sean Pavone/shutterstock

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.

f11photo/Shutterstock

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.

Allan Baxter/Getty Images

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.

Gary C. Tognoni/Shutterstock

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.

Aerial Up North/Shutterstock

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.

Checubus/Shutterstock

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.

Sean Pavone/Shutterstock

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.

Sean Pavone/Shutterstock

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.

randy andy/Shutterstock

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.

photo.ua/Shutterstock

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.

Sean Pavone/Shutterstock

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.

f11photo/Shutterstock

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.

Josemaria Toscano/Shutterstock

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.

Charles Knowles/Shutterstock

Number of millennials moved in: 903

Number of millennials moved out: 372

Net migration: 531

Source: Local News 8


7. Oregon — Portland has many neighbourhoods, 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.

Nadia Yong/Shutterstock

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.

f11photo/Shutterstock

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.

Sean Pavone/Shutterstock

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.

Courtesy of TripAdvisor

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.

f11photo/Shutterstock

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.

photo.ua/Shutterstock

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 centre.

Sean Pavone/Shutterstock

Number of millennials moved in: 7,310

Number of millennials moved out: 4,753

Net migration: 2,557

Source: The New York Times

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