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- Rich American millennials are making moves.
- SmartAsset recently ranked the top states rich millennials are moving to.
- As it turns out, rich millennials favor coastal states, but aren’t fans of northeastern states.
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Rich millennials are on the move.
SmartAsset recently used data from the IRS 2015 to 2016 tax year to take a look at the states wealthy millennials are moving to. It defined rich millennials as those individuals 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.
Turns out, rich millennials crave a coastal lifestyle — seven of the top 10 states millennials are moving to are on the East Coast or West Coast. And the northeast isn’t popular among rich millennials: Only four states in the region — New Jersey, New Hampshire, Maine, and Vermont — rank among the top states rich millennials are moving to.
Below, see the top 18 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.
18. Kansas — Wichita, Kansas, has been undergoing a downtown renovation in the past decade, attracting urban-dwelling millennials.
Number of millennials moved in: 1,201
Number of millennials moved out: 1,195
Net migration: 6
17. Vermont — Vermont recently offered Americans up to $10,000 to move to the state and work remotely.
Number of millennials moved in: 232
Number of millennials moved out: 200
Net migration: 32
16. Hawaii — The Aloha State is a science hub, conducting much of the nation’s climate and astronomy research.
Number of millennials moved in: 647
Number of millennials moved out: 605
Net migration: 42
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