Adulting

Millennials who earn $100,000 or more are flocking to these 10 states

San Francisco, California
RICOWde | Getty Images

Highly paid millennials are moving out of the Northeast and heading toward the South and the West Coast.

That's according to personal-finance website SmartAsset, which conducted a study to find the total inflow and outflow of "rich" young people in all 50 U.S. states and Washington, D.C. It defined "rich" millennials as those between the ages of 18 and 35 who earn an adjusted gross income of $100,000 or more per year. All income data comes from the IRS.

Here are the top 10 places millennials who earn $100,000 or more are going, ranked from least- to most-moved-to state.

10. New Jersey

Moved in: 6,543
Moved out: 6,197
Net migration: 346

9. Tennessee

Moved in: 2,423
Moved out: 2,033
Net migration: 390

8. South Carolina

Moved in: 1,965
Moved out: 1,392
Net migration: 573

7. North Carolina

Moved in: 4,572
Moved out: 3,786
Net migration: 786

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6. Oregon

Moved in: 2,190
Moved out: 1,304
Net migration: 886

5. Florida

Moved in: 6,014
Moved out: 5,114
Net migration: 900

4. Colorado

Moved in: 4,369
Moved out: 2,863
Net migration: 1,506

3. Texas

Moved in: 10,890
Moved out: 9.012
Net migration: 1,878

2. Washington

Moved in: 5,729
Moved out: 3,809
Net migration: 1,920

1. California

Moved in: 17,245
Moved out: 13,648
Net migration: 3,597

As the data shows, California is a top destination for wealthy young people, despite its often exorbitant cost of living. The median home value there is nearly $550,000, real-estate site Zillow reports, and the median rent is $2,800. That's compared to the national medians of about $227,000 and $1,700, respectively.

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In a popular city like San Francisco, it's even pricier: The median home could cost you more than $1.3 million and the median rent is $4,500.

The study showed a larger trend of Americans overall moving away from the Northeast, too, with a few exceptions, Michael Stoll, economist and professor in the Department of Public Policy at the University of California, Los Angeles, said in the report.

"The data aligns with longer-term migration patterns to southern and western states, trends driven by factors like job growth, lower costs of living, state budgetary challenges and more temperate climates," Stoll said.

SmartAssest concludes the same about high-earning millennials: "Save for New Jersey, which made the top 10, the Northeast isn't a popular destination for the wealthy under 35." In fact, of the 50 states covered in the data, five of the bottom 10, and Washington D.C., are located in the Northeast.

No matter where you're located, living within your means and employing some common-sense budgeting tactics can help you save. If you're looking to move out-of-state or are in the market for a new apartment or house, check out these budgeting hacks.

Don't miss: This is the most expensive ZIP code in California—and it's not in San Francisco or LA

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How much more it costs to own vs. rent in your state
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