How do millennials spend their money?
California with its endless vibes and Texas with Austin’s cultural attractions are a couple of the state’s bringing in more wealthy millennials than others, a recent study showed. Whatever the magnetism pulling the rich 1980s and 1990s kids to those places, South Carolina also has some of the same magic.
South Carolina made it into the top ten states where millennials with lots of money are moving, according to a report by SmartAsset, a financial technology company.
While the definition of a Millennial has been debated, it’s generally agreed that people born from 1981 to 1996 and coming of age in the early 21st century are the core of the generation. For the study, the company considered people under 35 years old to be millennials.
To get their rankings, SmartAsset looked at how many people of the age group with income of at least $100,000 moved in and out of each state from 2015 to 2016. The data came from the IRS.
South Carolina ranked eighth for monied millennials moving in. The report shows that 1,965 rich millennials made the Palmetto State their home while 1,392 moved out of state, leaving South Carolina with a gain of 573 wealthy people from what’s also known as Generation Y or Gen Y.
Other states, such as Pennsylvania and Massachusetts, ranked 47 and 48 respectively, are home to thousands more high-income millennials, but the those states states saw more of the upper-class younger generation moving out.
The study found rich millennials are moving to the coasts.
“Seven of the states in our top 10 are either on the East Coast or the West Coast,” the study said. “With Texas on the Gulf Coast, that makes Colorado and Tennessee the only landlocked states in the top 10.”
The report also discovered that the Northeast isn’t popular with the demographic.
New Jersey was the only state in the top 10. The state’s that had the most young, stuffed-wallet Y2K survivors exiting their borders were mostly in the Northeast. Connecticut, Maryland, Pennsylvania, Massachusetts and New York were at the bottom of the ranks. However, those states also had a higher rich millennials population with the Empire State, which came in last, having one of the highest populations of the group but also having the most leave.
The South also proved something of a mixed bag for the demographic with five of the top 10 states, Florida, North Carolina, South Carolina, Tennessee and Texas, being in the region but Virginia being one of the least popular states, according to the study. Another six Southern states were in the bottom 25.
In 2018, SmartAsset ranked Columbia as the number two city where millennials are moving and named Lexington one of the “most paycheck friendly count(ies).” Beaufort ranked third for Social Security payments in a 2016 study.