Wealthy Gen Zers Are Moving To These 5 States — and Leaving This State the Most
Some Gen Zers are barely past 25 and already pulling in six figures. And here's what's wild: they're not staying put. According to new data from SmartAsset, wealthy Gen Z earners are showing surprisingly consistent patterns about where they want to be — and equally clear signals about where they absolutely don't.
There are a few different reasons behind Gen Z's decision to move to (or away from) certain states, but chief among them are a pursuit of economic and lifestyle opportunities they just aren't finding elsewhere. As for where they’re moving to and from, here’s what the study shows.
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Top 5 States for Gen Z
Knowing what a specific generation of people are doing can be useful in determining the state of the economy. It also makes it easier to predict where that generation might have the most impact going forward.
Using the SmartAsset study, these are the most popular states for wealthy Gen Zers.
1. New York
Total number of Gen Z households earning $200,000+: 5,417
Number of Gen Z households moving in: 1,262
Number of Gen Z households moving out: 489
Percentage of wealthy households that are Gen Z: 0.74%
2. Florida
Total number of Gen Z households earning $200,000+: 1,868
Number of Gen Z households moving in: 288
Number of Gen Z households moving out: 199
Percentage of wealthy households that are Gen Z: 0.28%
3. Tennessee
Total number of Gen Z households earning $200,000+: 365
Number of Gen Z households moving in: 66
Number of Gen Z households moving out: 33
Percentage of wealthy households that are Gen Z: 0.21%
4. Colorado
Total number of Gen Z households earning $200,000+: 553
Number of Gen Z households moving in: 105
Number of Gen Z households moving out: 81
Percentage of wealthy households that are Gen Z: 0.22%
5. Texas
Total number of Gen Z households earning $200,000+: 2,393
Number of Gen Z households moving in: 291
Number of Gen Z households moving out: 273
Percentage of wealthy households that are Gen Z: 0.28%
The Top State Gen Z Is Leaving
No matter which state you’re looking at, you’re going to find a constant inflow and outflow of people. But for Gen Z, the number one state to leave is Illinois.
Illinois
Total number of Gen Z households earning $200,000+: 1,278
Number of Gen Z households moving in: 166
Number of Gen Z households moving out: 246
Percentage of wealthy households that are Gen Z: 0.29%
Just Behind The Prairie State Are
Washington: 276 households moved in, while 354 households moved out
Massachusetts: 157 households moved in, while 233 households moved out
New Jersey: 178 households moved in, while 252 households moved out
Pennsylvania: 83 households moved in, while 157 households moved out
Maryland: 44 households moved in, while 116 households moved out
Factors Driving This Change
Interestingly enough, more wealthy Gen Zers are moving to New York while millennials and boomers are moving out. Yet, all three generations seem to have marked Florida as a hotspot.
As previously noted, opportunity is a major driver for Gen Z’s moving decisions. For those working remotely or for themselves, lifestyle might be an even bigger draw than economic opportunities.
Take New York City as an example. The per capita income there is just $51,844, according to U.S. Census data. That’s a fraction of what these wealthy Gen Zers are making. It also means they face far fewer limitations in terms of what they can (and cannot) do.
But what about Illinois? Why are so many more Gen Zers leaving compared to those coming in?
For those earning $200,000 or more, Illinois doesn’t have much to offer by way of economic opportunity. The per capita income is just $46,406, even lower than New York’s. And while costs also tend to be low, there's also less in the way of lifestyle — at least for those seeking a faster pace.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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