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Wealthy Gen Zers Are Moving To These 5 States — and Leaving This State the Most

October 6, 2024

3 min Read

Written by T. Woods

Edited by Jenna Klaverweiden

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Members of Gen Z are creating their own patterns of wealth and movement in the United States, despite being the youngest generation able to attain and spend income at the $200,000 level and beyond. A recent SmartAsset study examined wealthy Gen Zers — those making $200,000 or more per year — and where they’re taking their wealth. “Due to their age and income, they may be more prone to moving for economic and lifestyle opportunities than some older counterparts,” the study noted.

Tracing the patterns of where the richest members of Gen move to — as well as move away from — can provide insight as to which communities this rising generation will impact the most with their wealth and population. For instance, SmartAsset noted that while many wealthy baby boomers and millennials are leaving New York in droves, more rich members of Gen Z are moving to The Empire State than any other in the union. Elsewhere, Florida has become a wealthy Gen Z hotspot, as has Tennessee.

Here are five states wealthy Gen Zers are moving to and the state they’re leaving the most.

Also see the average monthly expenses for Gen Z in every state.

Where Are Gen Zers Moving?

Based on the study, here are five states where wealthy Gen Zers are moving the most.

New York

Net inflow of wealthy Gen Z households: 773
Wealthy Gen Z households that moved in: 1,262
Wealthy Gen Z households that moved out: 489
Total Gen Z households earning $200,000-plus: 5,417
Percentage of wealthy households that are Gen Z: 0.74%

Florida

Net inflow of wealthy Gen Z households: 89
Wealthy Gen Z households that moved in: 288
Wealthy Gen Z households that moved out: 199
Total Gen Z households earning $200,000-plus: 1,868
Percentage of wealthy households that are Gen Z: 0.28%

Tennessee

Net inflow of wealthy Gen Z households: 33
Wealthy Gen Z households that moved in: 66
Wealthy Gen Z households that moved out: 33
Total Gen Z households earning $200,000-plus: 365
Percentage of wealthy households that are Gen Z: 0.21%

Colorado

Net inflow of wealthy Gen Z households: 24
Wealthy Gen Z households that moved in: 105
Wealthy Gen Z households that moved out: 81
Total Gen Z households earning $200,000-plus: 553
Percentage of wealthy households that are Gen Z: 0.22%

Texas

Net inflow of wealthy Gen Z households: 18
Wealthy Gen Z households that moved in: 291
Wealthy Gen Z households that moved out: 273
Total Gen Z households earning $200,000-plus: 2,393
Percentage of wealthy households that are Gen Z: 0.28%

Which State Are Gen Zers Leaving?

A number of states — such as Montana, North Dakota, South Dakota, Alaska, Wyoming, Maine, Vermont and West Virginia — saw no movement at all. However, there were some that saw more wealthy Gen Zers leave, including Washington and Massachusetts.

Illinois was at the top of a list of its very own. It lost more members of wealthy Gen Z than any other state.