Not in Westchester?
August 12, 2020


A new study found that rich New York state millennials are moving to these states. New Jersey is their only destination in the Northeast. Photo Credit: SmartAsset
Rocky Mountain high? Colorado ranks among the top 10 states that rich millennials are moving to -- from New York state. Photo Credit: Provided

More Rich Millennials Fleeing New York Than Any Other State

More bad news for New York State.

According to a new study, the Empire State ranks number one nationwide for states that rich millennials are moving away from. 

A SmartAsset report used data from the IRS 2015 to 2016 tax year to take a look at the states wealthy millennials are moving to.

The study 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.

It found that a net 4,867 rich millennials left New York during the one-year period — 14,915 moved out-of-state while 10,048 moved into New York that year.

That's more than twice the number of rich millennials who, in the same time period, left Illinois, the state that suffered the second-largest amount of rich millennials moving out -- 2,248. In fact, about 35 percent more rich millennials left New York than moved to California, which ranks as the state attracting the most rich millennials, 

After California, the most attractive states for rich millennials were Washington, Texas, Colorado, Florida, Oregon, North Carolina, South Carolina, Tennessee and New Jersey -- which rounded out the top 10.

Although New Jersey's net inflow is less than 10 percent of California’s, the Garden State still enjoyed a net inflow of 346 wealthy millennials from 2015 to 2016. A total of 6,197 rich people under 35 moved out New Jersey that year, while 6,543 made it their new home, according to the study.

The complete SmartAsset report can be found by clicking here.

For an earlier Daily Voice article about millennials living with their parents, click here.