Where High-Earning Households Are Moving – 2024 Study

When high earners move, they take their money with them. And because their budgets are much larger than most of the population, they can have an outsized effect on the local economy. Thus, states that attract high-earning households can gain an economic advantage over others. Many factors could drive high earners to move across state borders, including business opportunities, tax incentives and other conveniences.

With this in mind, SmartAsset examined the latest IRS data to find where households earning $200,000 annually or more are moving.

Key Findings

• Florida gained nearly 30,000 high-income households. Florida is the top state where high-income households are moving to with 29,771 net new returns. Texas ranks second for this metric, with a net addition of 8,260 high-earning households.
• Money is moving to the Carolinas. North Carolina and South Carolina ranked third and fourth for most high-earning households moving in, with a net gain of 5,792 and 5,270 households, respectively. The average household income of high-earning households moving in is $456,000 for North Carolina and $501,000 for South Carolina.
• California and New York lost the most high earners. California ranked last for the net number of high earners moving into the state, with a total loss of 24,670 high income households. While New York lost the second-most high-earning households, its figure is less than half of California’s loss, at -12,040 households. However, the high earners who did move into California and New York this time had a higher average adjusted gross income (AGI) than those who left.
• Fresh high-income transplants to Wyoming make nearly $1.6 million per year. The income of high-income households moving into Wyoming was just about triple that of those moving out ($535,000). The state ranked 21st overall with a net gain of 316 high-income households.

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%