This story originally appeared on SmartAsset.
A decision to move can arise from various factors, such as landing a new job, wanting to start or grow a family, and desiring a favorable housing market.
And as a result of their particular needs, different age or income groups might also be attracted to specific locales. With that in mind, SmartAsset crunched the numbers to uncover where high-earning Gen Xers are moving. (This is SmartAsset’s 2020 edition of our study on where high-earning Generation Xers are moving. Check out the 2019 version here.)
We used IRS data to analyze the total inflows and outflows of people between ages 35 and 54 who reported earnings of at least $100,000 on their 2017-2018 tax filings. We looked at data from all 50 states plus the District of Columbia.
We defined high-earning Generation Xers as individuals ages 35 to 54 who have adjusted gross incomes of $100,000 and above, and separately found the inflow of high-earning Generation Xers and the outflow of high-earning Generation Xers — the people who moved in or out of the state.
We subtracted the outflow from the inflow of high-earning Generation Xers to determine each state’s net inflow. We then ranked the states from highest net inflow of Generation Xers to lowest net inflow.
Following are the top states high-earning Gen Xers are relocating to.
The net increase of high-earning Gen Xers into Washington state in 2017-2018 was 1,140.
Total inflow was 9,436 during that time, while outflow was 8,296.
Between 2017 and 2018, there was a net increase of 1,428 Gen Xers earning at least $100,000 in the state of Idaho.
Idaho’s total inflow of these high-earning Gen Xers was 2,541, and outflow totaled 1,113.
The net migration of high-earning Gen Xers to Nevada from 2017-2018 was 1,508. The biggest subgroup of people to move to Nevada were Gen Xers between the ages of 35 and 44 earning between $100,000 and $200,000 — 1,551 tax filers.
Furthermore, a total of 1,288 Gen Xers making $200,000 or more moved into the state during this time.
The net migration of high-earning Gen Xers to Colorado was 2,067 between 2017 and 2018, with the inflow of this group consisting mostly of new residents ages 35-44.
Of the 5,291 tax filers in this age range that moved to the state, the majority — 3,652 — were making more than $100,000 but less than $200,000.
Tennessee’s population of high-earning Gen Xers increased by a net of 2,206 during 2017-2018. There were 6,718 new residents in this cohort, while 4,512 high-earning Gen Xers moved out of the state.
Of this total inflow, there were 868 Gen Xers ages 35-44 making at least $200,000 and 1,110 Gen Xers ages 45-54 in that income bracket. Furthermore, there were 2,512 Gen Xers ages 35-44 making between $100,000 and $200,000 and 2,228 Gen Xers ages 45-54 in that income bracket.
5. South Carolina
The Palmetto State’s net migration of high-earning Gen Xers was 2,329 people during 2017-2018.
That includes more than 1,500 people of this generation who were making at least $200,000 during that time frame.
Arizona saw a net migration of 2,646 wealthy Gen Xers during 2017-2018.
The total inflow of high-earning Gen Xers was 8,140, while 5,494 high-earning Gen Xers moved out of Arizona during this time.
3. North Carolina
North Carolina had a net increase of 3,385 high-earning Gen Xers in 2017-2018.
The biggest subgroup of people moving into the state was those between 35 and 44 making between $100,000 and $200,000 per year. More than 7,600 tax filers in this group moved to North Carolina during that time.
The net migration of high-earning Gen Xers to Texas in 2017-2018 was 5,717. The total inflow of tax filers ages 35 to 54 making at least $100,000 was 23,092, which is actually the highest total inflow in our study.
The total outflow of this demographic from Texas during this time period was 17,375.
Though Gen Xers haven’t quite made it to retirement age yet, it seems a lot of them are getting a head start on their way to the retirement-friendly Sunshine State.
The net migration of high-earning Gen Xers to Florida from 2017 to 2018 was 9,283. That includes a total inflow of 22,321, more than 7,000 of whom earned at least $200,000.
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