Analysis: ‘Rich’ millennials choosing NH
State ranks 14th in nation, first in New England as place where they’re moving
The analysis, conducted by SmartAsset, a personal finance technology company, New Hampshire ranks 14thin the country where more “rich” millennials are moving than leaving. The analysis defines a “rich” millennial as someone under 35 with an adjusted gross income of at least $100,000.
Using data from 2017 and 2018, the analysis measured the net migration of the millennials by calculating the number of those who moved into the state as opposed to moving out of it. According to the analysis, 1,088 rich millennials moved into the state in 2017-18 and 828 moved out, for a net in-migration of 260.
Among New England states, New Hampshire was just ahead of Maine, which was 15thwith a net in-migration of 235. The only other state with a positive net in-migration was Vermont at No. 22, with 60. Rhode Island (-51), Connecticut (-52) and Massachusetts (-1,189) all lost more than gained.
The top states were Washington (2,600), Colorado (1,808) and Texas (1,800).
SmartAsset notes that millennials are more likely to move than their generational counterparts, since IRS data shows less than 30% of taxpayers are younger than 35, but from 2017 to 2018, more than half of tax returns marking a change of address across state lines belonged to filers under 35. In other words, less than 3% of all taxpayers moved to a different state between 2017 and 2018 while more than 5% of under the age of 35 did so.