W
ealthy members of Gen Z are leaving Illinois, Washington, and Massachusetts behind to settle in New York, Florida, and Tennessee. According to SmartAsset's analysis of tax returns, these three states are the top destinations for high-earning households under 26.
New York tops the list with a net gain of 773 rich Gen Z households between 2021 and 2022. The state's percentage of wealthy Zoomer households is 0.74%. Florida comes in second, attracting 89 such households, while Tennessee takes third place with a net inflow of 33 affluent Gen Z households.
On the other hand, Illinois lost the most wealthy Gen Z households, with 80 moving out. Washington and Massachusetts followed closely behind, losing 78 and 76 households respectively. SmartAsset suggests that these young people are more likely to move for economic and lifestyle opportunities due to their age and income. As they have a longer career and investment horizon ahead of them, they may also have a larger impact on their communities.
