Top States for Rich Gen Z Households
According to new findings from the financial technology company SmartAsset, the top three states for exits and arrivals by the wealthiest members of Gen Z are New York, Florida, and Tennessee.
Where Are Rich Gen Z Households Going?
To determine where the demographic, defined as households under the age of 26 who earn more than $200,000 a year, are coming from and going to, SmartAsset analyzed recent tax returns. The analysis showed that New York, with its net gain of 773 high-earning Gen Z households, was found to be the top terminus for migrating Zoomers. Florida came in a far second, attracting only 89 such households, and Tennessee came in third with its net inflow of 33 affluent Gen Z households.
New York Leads the Way
New York’s Empire State is home to 0.74% of rich Gen Z households, with 1,262 moving in and 489 moving out between 2021 and 2022. The state’s allure could be due to its economic and lifestyle opportunities.
Florida and Tennessee Follow Close Behind
Florida and Tennessee are close seconds in attracting rich Gen Z households. Florida attracted a net gain of 89 such households, while Tennessee’s net inflow was 33. Other states that saw a net inflow of affluent Gen Z households include Colorado, Texas, and Arizona.
The States That Lost Out
On the other side of the coin are the Prairie State (Illinois), Evergreen State (Washington), and the Bay State (Massachusetts). Illinois lost the most wealthy Gen Z households, with a net loss of 80. Washington had a close second, with its net 78 households loss, followed by Massachusetts, which lost 76 households.
Why Are They Moving?
According to SmartAsset, “due to their age and income, they may be more prone to moving for economic and lifestyle opportunities than some older counterparts.” Additionally, members of Gen Z have a longer time frame ahead of them in terms of their careers and investments, meaning they could “potentially have a larger lifetime impact on their communities.”
Conclusion
SmartAsset’s findings provide valuable insights into the movement of rich Gen Z households. The top states for exits and arrivals are New York, Florida, and Tennessee, while Illinois, Washington, and Massachusetts lost out. The reasons behind these movements are multifaceted, but it is clear that Gen Zers are seeking economic and lifestyle opportunities.
FAQs
Q: What is the definition of Gen Z?
A: Gen Z is defined as households under the age of 26 who earn more than $200,000 a year.
Q: What is the purpose of SmartAsset’s analysis?
A: SmartAsset’s analysis aimed to determine where rich Gen Z households are coming from and going to.
Q: Why are rich Gen Z households moving to certain states?
A: According to SmartAsset, rich Gen Z households are moving to certain states for economic and lifestyle opportunities.
Q: What are the top states for exits and arrivals by rich Gen Z households?
A: The top states are New York, Florida, and Tennessee.
