Where are Wealthy Generation Zers Moving?
Generation Zers (the generation born in the late 1990s to the early 21st century) are highly adept with the use of digital technology, the internet, and social media from a very young age.
And the wealthy members of Generation Z are on the move in a big way.
A study by the financial technology company, SmartAsset, documents which states in the U.S. the subgroup of high earning Generation Zers (those earning at least $200,000) are moving to.
SmartAsset ranked U.S. states based on where wealthy Gen Zers are moving to and from, based on the latest IRS data from 2021 and 2022.
- This affluent subgroup is choosing New York as their most favored destination. Other generations of wealthy households, from Millennials and Baby Boomers left N.Y. in large numbers. (Those generations that left N.Y. far outnumber the Generation Zers that moved into the state.)
- Florida, the most preferred destination for wealthy millennials and boomers, is the second-most preferred among wealthy Gen Z households.
- While North and South Carolina are quite popular among Millennials and Boomers, Gen. Zers are not moving to those states in significant numbers. South Carolina ranked number 24, while North Carolina ranked only 43rd.
- Many states saw no movement of Zers. These include Alaska, Wyoming, Vermont, and West Virginia.
- Illinois lost more of this group, on a percentile basis, followed by Massachusetts.
- The top sates where wealthy Generation Zers are moving to, in order are New York, Florida, Tennessee. (This might surprise some folks, but Tennessee is becoming a major Tech. hub.), Colorado, and Texas.
- Rounding out the list of the top 10 are Arizona, Mississippi, Nevada, Montana, Maine, South Dakota, West Virginia, North Dakota, and Alaska.
Here are the top states Generation Z households are leaving the most., in order:
- Illinois
- Massachusetts
- Washington
- New Jersey
- Pennsylvania
- Maryland
- Connecticut
- North Carolina
- California
- Michigan
As wealthier people move into an area, real estate prices should rise. These wealthy migrants are good for retailers and businesses in general, helping the local economies in every way.