What States Are the Young, Wealthy Professionals Moving to?

The number of Americans moving homes each year has fallen from 42.6 million in 1999 to 31.4 million in 2019. Younger Americans are most likely to move, so it’s important to know where this demographic is going, especially wealthy young Americans who are most likely to purchase a home. By reviewing the inflow and outflow of individuals younger than 35 with an adjusted gross income of at least $100,000 in each state between 2018 and 2019, SmartAsset identified the states attracting the most young, wealthy professionals. The West and South of the U.S. are most attractive to this demographic, says SmartAsset. Most move west of the Mississippi River or part of the Sun Belt.

Big cities don’t mean big gains. The states that are home to the country’s three largest cities – New York, California and Illinois – did not fare well in this study. New York ranks last, having lost a net total of more than 4,600 rich young professionals between 2018 and 2019. Illinois was second to last with a net loss of 2,638 wealthy young taxpayers. California was middle of the road with a net gain of just 17 wealthy young residents, good for No. 22 on our list.

1. Washington

For the second year in a row, Washington State was the most popular destination for rich young professionals to relocate. Nearly 8,450 people under the age of 35 and making at least $100,000 per year moved to the Evergreen State between 2018 and 2019, while fewer than 5,600 left the state. In total Washington State saw a net inflow of more than 2,850 rich young professionals between 2018 and 2019.

2. Texas

Only California and New York State had more wealthy young professionals move in between 2018 and 2019 than Texas, which registered 12,300 new residents under 35 years old making $100,000 or more. Since the Lone Star State saw a total outflow of 10,161 rich young professionals, it recorded the second-highest net migration (2,183) in the U.S.

3. Colorado

Between 2018 and 2019, Colorado experienced a net migration of 1,937 rich young taxpayers, the third-most in the country. During that time, 5,867 people under the age of 35 making at least $100,000 moved into the state, while 3,930 moved out.

4. Florida

Like Washington and Texas, Florida is one of nine states without state income tax, making it an attractive destination for wealthy young professionals who are relocating. The Sunshine State had a total inflow of 7,391 rich young people between 2018 and 2019 and a total outflow of 6,135. That means the state netted 1,256 new residents younger than 35 making at least $100,000.

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