The top 18 states rich millennials are moving to

Hillary Hoffower

Jun 6, 2019, 23:25 IST

The top 18 states rich millennials are moving to

Hanna Lassen/Getty Images

Rich millennials like to live in states on the coast.

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.
Visit Business Insider's homepage for more stories.

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.

17. Vermont — Vermont recently offered Americans up to $10,000 to move to the state and work remotely.

16. Hawaii — The Aloha State is a science hub, conducting much of the nation's climate and astronomy research.

15. Montana — Montana yields many opportunities for entrepreneurs and is close to nature, providing a lifestyle many can't find in big cities.

14. Maine — Through its Educational Opportunity Tax Credit program, Maine helps college graduate residents pay off their student debt.

13. New Hampshire — New Hampshire is attractive, in part, to young adults because of its low unemployment rates.

12. Idaho — Idaho Falls is attracting millennials with its restaurant scene and recreational activities.

11. Georgia — Atlanta has a strong start-up scene, and the city has the third-largest concentration of Fortune 500 companies in the country, from Coca Cola and Delta to Home Depot and Porsche.

10. New Jersey — Located across the Hudson River from New York City, New Jersey offers a more affordable housing alternative for those who work in the city.

9. Tennessee — Nashville has become a top city for new college grads, thanks to its growing tech industry and affordable cost of living.

8. South Carolina — Charleston was hailed as a "millennial magnet" by USA Today because of its start-up economy and arts and restaurant scene.

7. North Carolina — Raleigh and Charlotte, with their plentiful job opportunities and high pay, are major attractions for millennials.

6. Oregon — Portland has many neighborhoods, a relatively affordable cost of living, and a booming economy. The city offers plenty of jobs with high salaries away from the competition elsewhere on the West Coast.

5. Florida — Miami, Jacksonville, and Tampa are hot cities for millennials; the latter has been dubbed a "city-on-the-rise" for its beach proximity, low unemployment rate, and beer scene.

4. Colorado — Millennials have been flocking to Denver for its numerous high-paying jobs, reasonable commutes, and activities. It also gets 300 days of sunshine a year.

3. Texas — Dallas-Fort Worth, Austin, and Houston have become magnets for millennials looking to work for small businesses.

2. Washington — Home to Amazon and Microsoft headquarters, the Seattle metro area is a thriving tech center.

1. California — Silicon Valley draws millennials looking to work in the tech industry. And with plenty of national parks and beaches, California has plenty to offer outdoors.

Next Story JPMorgan is shuttering its banking app for millennials after 1 year. We got ahold of the internal memo announcing its demise.