Millennials with money apparently like the idea of living in New Hampshire, according to a recent analysis of IRS data.
In the analysis, conducted by SmartAsset, a personal finance technology company, New Hampshire ranks 14th in 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
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
inmigration of 260.
Among New England states, New Hampshire was just
ahead of Maine, which was 15th with 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. — JEFF FEINGOLD
