Which states are wealthy Gen Zers leaving — and where are they going?

Deep-pocketed Zoomers are saying goodbye to life in Illinois, Washington, and Massachusetts — and hello to being residents of New York, Florida, and Tennessee.

According to new findings from financial technology company SmartAsset, these are the top three states for departures and arrivals from the wealthiest members of Gen Z.

To determine where the demographics — defined as households under the age of 26 making more than $200,000 a year — come and go, SmartAsset analyzed recent tax returns, which showed that the Empire State, the Sunshine State and, perhaps most surprisingly, the Voluntary State are the current most popular destinations of the young affluent.

New York, with a net gain of 773 high-earning Gen Z households, was found to be the primary migration terminal for Zoomers, 1,262 of whom moved and 489 of whom moved between 2021 and 2022, bringing the state’s share of rich Zoomers. families in 0.74%.

Florida fell to second place, attracting just 89 such households, or eight times less than New York, with 288 demographic households entering and 199 leaving.

Tennessee came in third, but by a narrow margin with its net influx of 33 affluent Gen Z households.

Meanwhile, Colorado had a net entry of 24, Texas a net entry of 18 and Arizona a net entry of 14.

On the other side of the coin are the Prairie State (Illinois), the Evergreen State and the Bay State.

More than anywhere else in the United States, SmartAsset found that Illinois lost the wealthiest Gen Z households, or 80 in total.

Washington was a close second, with its net loss of 78 households, followed by a nearly tied Massachusetts, which lost 76 households.

As to why these young moneymakers are jumping states, SmartAsset noted that “because of their age and income, they may be more inclined to move for economic and lifestyle opportunities than some older counterparts”.

It’s also worth noting that members of Gen Z have a longer time frame ahead of them in terms of their careers and investments, meaning they “can have a greater life impact in their communities.”