Where Are the Wealthy Millennials Moving?

Millennials, defined as those under the age of 35, are more likely to move from state to state. SmartAsset discovered 5% of Millennial taxpayers moved across state lines between 2017 and 2018—more than half of the total taxpayers who moved. But where are they going? Wealthy Millennials, those making at least $100,000, are the focus of SmartAsset’s data, but they found wealthy Millennials are not moving more than others their age. When they do move, they’re moving predominantly West to states such as Colorado, and they’re leaving New York.

Millennials are much more likely to move than their generational counterparts. IRS data shows than less than 30% of taxpayers are younger than age of 35, but from 2017 to 2018, more than half of tax returns marking a change of address across state lines belonged to filers under 35. In other words, less than 3% of all taxpayers moved to a different state between 2017 and 2018 while more than 5% of millennial taxpayers (i.e. those under the age of 35) did so.

In this study, SmartAsset looked specifically at the movement of rich millennials, defined as individuals younger than age 35 with adjusted gross incomes (AGIs) of at least $100,000. We considered the inflow and outflow of rich millennials from each state between 2017 and 2018 to determine the states where rich millennials are moving the most.

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