Florida: Where Wealthy Gen Z Wants to Be

NEW YORK — While the members of Gen Z haven’t had much time to move up the career ladder and accumulate wealth, some have broken out into the IRS’s “high-earners” territory early in their lives.

This select group earns $200,000 or more per year, and due to their age and income, they may be more prone to moving for economic and lifestyle opportunities than some older counterparts. With a longer time frame for careers and investments in front of them, Gen Zers could potentially have a larger lifetime impact on their communities.

With this in mind, SmartAsset ranked U.S. states on where wealthy Gen Zers are moving to and from the most, based on the latest IRS data.

Key findings

• Wealthy Gen Zers are moving to New York — while other wealthy households move out. While wealthy millennials and baby boomers left New York in large numbers, it’s a preferred spot for high-earning Gen Zers. The state saw a net gain of 773 wealthy Gen Z households in one year—more than eight times as much as second-place Florida.
• Florida attracts wealthy Gen Zers, along with others. Florida, the most preferred destination for wealthy millennials and boomers, is second-most preferred among wealthy Gen Z households, despite a net gain of only 89 of such households.
• North and South Carolina are not as attractive to wealthy Gen Zers. The Carolinas were found to be quite popular among wealthy millennials and boomers, generally ranked among the top six places they’re moving to. However, for Gen Z, the appeal is not as strong: South Carolina ranked 24th, while North Carolina ranked 43rd.
• Many states saw no movement of wealthy Gen Z households. Still young and relatively small in numbers, eight states saw no net movement of Gen Z households, tying them all for ninth place. These states have fewer wealthy Gen Z households than most others and include Montana (62 wealthy Gen Z households reported), South Dakota (50), North Dakota (38), Alaska (30), Wyoming (27), Maine (24), Vermont (20), and West Virginia (19).
• Illinois lost the wealthiest Gen Z households to emigration. Accounting for 166 households that moved in and 246 that moved out, Illinois had a net loss of 80 wealthy Gen Z households. Washington was close behind with a net loss of 78, followed by Massachusetts with a net loss of 76.

Top 10 states where wealthy Gen Z is moving

1. New York

• Net inflow of wealthy Gen Z households: 773
• Wealthy Gen Z households that moved in: 1262
• Wealthy Gen Z households that moved out: 489
• Total Gen Z households earning $200k+: 5417
• Percent of wealthy households that are Gen Z: 0.74%

2. 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 $200k+: 1868
• Percent of wealthy households that are Gen Z: 0.28%

3. 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 $200k+: 365
• Percent of wealthy households that are Gen Z: 0.21%

4. 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 $200k+: 553
• Percent of wealthy households that are Gen Z: 0.22%

5. 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 $200k+: 2393
• Percent of wealthy households that are Gen Z: 0.28%

6. Arizona

• Net inflow of wealthy Gen Z households: 14
• Wealthy Gen Z households that moved in: 79
• Wealthy Gen Z households that moved out: 65
• Total Gen Z households earning $200k+: 537
• Percent of wealthy households that are Gen Z: 0.26%

7. Mississippi

• Net inflow of wealthy Gen Z households: 10
• Wealthy Gen Z households that moved in: 10
• Wealthy Gen Z households that moved out: 0
• Total Gen Z households earning $200k+: 72
• Percent of wealthy households that are Gen Z: 0.18%

8. Nevada

• Net inflow of wealthy Gen Z households: 4
• Wealthy Gen Z households that moved in: 51
• Wealthy Gen Z households that moved out: 47
• Total Gen Z households earning $200k+: 272
• Percent of wealthy households that are Gen Z: 0.32%

9. The following states tied for ninth, with no net movement in the wealthy Gen Z cohort:

Montana:

• Total Gen Z households earning $200k+: 62
• Percent of wealthy households that are Gen Z: 0.20%

• Maine:
• Total Gen Z households earning $200k+: 24
• Percent of wealthy households that are Gen Z: 0.07%

Vermont:

• Total Gen Z households earning $200k+: 20
• Percent of wealthy households that are Gen Z: 0.10%

South Dakota:

• Total Gen Z households earning $200k+: 50
• Percent of wealthy households that are Gen Z: 0.20%

Wyoming:

• Total Gen Z households earning $200k+: 27
• Percent of wealthy households that are Gen Z: 0.17%

West Virginia:

• Total Gen Z households earning $200k+: 19
• Percent of wealthy households that are Gen Z: 0.08%

North Dakota:

• Total Gen Z households earning $200k+: 38
• Percent of wealthy households that are Gen Z: 0.16%

Alaska:

• Total Gen Z households earning $200k+: 30
• Percent of wealthy households that are Gen Z: 0.13%

Top 10 states that wealthy Gen Z households are leaving

1. Illinois

• Net inflow of wealthy Gen Z households: -80
• Wealthy Gen Z households that moved in: 166
• Wealthy Gen Z households that moved out: 246
• Total Gen Z households earning $200k+: 1278
• Percent of wealthy households that are Gen Z: 0.29%

2. Washington

• Net inflow of wealthy Gen Z households: -78
• Wealthy Gen Z households that moved in: 276
• Wealthy Gen Z households that moved out: 354
• Total Gen Z households earning $200k+: 2506
• Percent of wealthy households that are Gen Z: 0.66%

3. Massachusetts

• Net inflow of wealthy Gen Z households: -76
• Wealthy Gen Z households that moved in: 157
• Wealthy Gen Z households that moved out: 233
• Total Gen Z households earning $200k+: 943
• Percent of wealthy households that are Gen Z: 0.25%

4. New Jersey

• Net inflow of wealthy Gen Z households: -74
• Wealthy Gen Z households that moved in: 178
• Wealthy Gen Z households that moved out: 252
• Total Gen Z households earning $200k+: 1079
• Percent of wealthy households that are Gen Z: 0.23%

5. Pennsylvania

• Net inflow of wealthy Gen Z households: -74
• Wealthy Gen Z households that moved in: 83
• Wealthy Gen Z households that moved out: 157
• Total Gen Z households earning $200k+: 709
• Percent of wealthy households that are Gen Z: 0.18%

6. Maryland

• Net inflow of wealthy Gen Z households: -72
• Wealthy Gen Z households that moved in: 44
• Wealthy Gen Z households that moved out: 116
• Total Gen Z households earning $200k+: 376
• Percent of wealthy households that are Gen Z: 0.14%

7. Connecticut

• Net inflow of wealthy Gen Z households: -58
• Wealthy Gen Z households that moved in: 34
• Wealthy Gen Z households that moved out: 92
• Total Gen Z households earning $200k+: 272
• Percent of wealthy households that are Gen Z: 0.16%

8. North Carolina

• Net inflow of wealthy Gen Z households: -56
• Wealthy Gen Z households that moved in: 61
• Wealthy Gen Z households that moved out: 117
• Total Gen Z households earning $200k+: 557
• Percent of wealthy households that are Gen Z: 0.19%

9. California

• Net inflow of wealthy Gen Z households: -52
• Wealthy Gen Z households that moved in: 847
• Wealthy Gen Z households that moved out: 899
• Total Gen Z households earning $200k+: 9379
• Percent of wealthy households that are Gen Z: 0.53%

10. Michigan

• Net inflow of wealthy Gen Z households: -48
• Wealthy Gen Z households that moved in: 32
• Wealthy Gen Z households that moved out: 80
• Total Gen Z households earning $200k+: 529
• Percent of wealthy households that are Gen Z: 0.21%

Data and methodology

To determine where wealthy Gen Zers are moving, SmartAsset reviewed the latest IRS data, which comes from the 2021 and 2022 tax years. Wealthy households are defined here as those with adjusted gross incomes of $200,000 or more, which the IRS deems as the threshold for “high earners.” Applicable tax returns filed for households under age 26 were considered. The inflow of qualifying households in each state was compared with the outflow to determine the net migration of high-earning households.

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