Washington, Colorado and Texas are the states where wealthy millennials are moving the most, a new study by SmartAsset has found.
Looking at millennials under the age of 35 who make more than $100,000 a year, the study’s authors found the majority of those who made a move to another state favored those in the West or South. Washington took the top spot as the most common millennial destination while Colorado, Oregon, Idaho and Arizona landed in the top 10.
“More than 7,300 millennials making at least $100,000 moved to [Washington State] while fewer than 4,800 left,” reads the study. “In total, there was a net inflow of roughly 2,600 wealthy millennials — the highest of any state and the District of Columbia.”
In total, just over 5 percent of millennials changed states between 2017 and 2018 — slightly more than the 3 percent of the general population relocated during the same period. States including Texas, Florida, North Carolina and Tennessee also made it into the top 10. The only Eastern state to make the list was New Jersey. New York, which saw 11,400 rich millennials come and 17,000 leave, saw the lowest net migration in the country at least partially due to high real estate and cost of living.
In overall trends, the study showed that states with robust job markets and lower real estate costs tend to attract more young people and future homeowners — even those who make more money and would be able to afford an apartment in San Francisco and New York.
“Texas is a hotspot for millennials in general, and many rich millennials in particular have moved to the state in recent years,” reads the study.