New Jersey ranks No. 6 in the top 10 cities wealthy millennials are moving to, according to SmartAsset.
New Jersey is the only East Coast state to makes it into the top 10.
According to data from the Internal Revenue Service, millennials are more likely to move than their generational counterparts. While less than 30 percent of taxpayers are younger than age 35, more than half of tax returns marking a change of address across state lines belonged to filers under 35 from 2017 to 2018. More than 5 percent of millennial taxpayers moved across state lines in 2017 and 2018, while less than 3 percent of taxpayers overall did.
Between 2017 and 2018, there was a net migration of 746 millennials earning at least $100,000 to New Jersey, SmartAsset found. Roughly two-thirds of those individuals earned upward of $200,000, marking the second-highest gross net migration of millennials in that income bracket in SmartAsset’s study.
Ranking above New Jersey was Washington, Colorado, Texas, Florida and North Carolina. Following New Jersey were Oregon, Idaho, Arizona and Tennessee.
Neighboring New York saw the lowest in-migration of rich millennials of any state. Fewer than 11,400 rich millennials moved to New York, while close to 17,000 of them left, SmartAsset found. Pennsylvania ranked No. 19 of states attracting wealthy millennials, and Delaware ranked No. 29.
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