High-earning millennials — those with annual incomes above $200,000 — are exiting states like New York and California in droves, according to new analysis by SmartAsset.
And a large percentage of them are ending up in the Old North State.
North Carolina ranked No. 3 for the nation’s highest net migration of well-heeled millennials, ages 26 to 45, posting a net gain of 1,970, the study found. That’s behind Florida (6,188) and Texas (5,151).
On average, these households earn $430,957 per year and make up 20.2% of all households in the state earning $200,000 or more.
They’ve got disposable income to burn. “Their impact on local economies can be outsized,” SmartAsset said, adding: When they choose to move, “their disproportionate economic power also goes with them.”
On the flip side: California saw the largest exodus, with a net loss of 9,181 well-heeled millennial households, while New York lost 4,251.
SmartAsset examined the latest IRS data for 2021 and 2022, comparing the inflow of qualifying households in each state to the outflow. The average adjusted gross income for each state’s household was also considered.
NC’s surging population
North Carolina remains one of the fastest-growing states since the pandemic.
Between April 2020 and July 2023, the population of the Raleigh-Durham-Cary combined statistical area grew 5.65%, the 10th highest rate in the nation, according to the latest estimates from the U.S. Census Bureau.
As of July last year, an estimated 2,368,947 people lived in the 10-county region.
Much of this migration consists of college-educated workers moving to the Triangle for tech and other high-paying jobs, said Roberto Quercia, a professor in UNC-Chapel Hill’s department of city and regional planning.
That’s kept a floor on house prices and demand, he said.
Despite higher mortgage rates, the Triangle’s housing market remains resilient.
In July, the median sale price for all property types across 17 counties is $420,000, up .2% year-over-year,Triangle Multiple Listing Service.
On average, homes sold after 15 days on the market.
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