10 States Where the Most Wealthy Millennials Live

Wealthy millennial
fizkes / Shutterstock.com

This story was written by Kathy Morris and originally appeared on Zippia.com.

Between the rising costs of college, wage stagnation and sky-high avocado toast costs, many millennials are barely getting by.

It’s no surprise so many millennials are struggling. As a group, 23- to 39-year-olds earn less and have fewer assets than their parents did a generation ago. Fancy things like chain restaurants, fabric softener and home ownership are simply out of reach for many millennials.

However, not all millennials are struggling. Some are pulling in hefty paychecks and use fabric softener with every load of laundry. We hit the data to see where the richest millennials live and thrive.

We used the Census Bureau’s most recent American Community Survey data on income by householder type. We looked at data for those ages 25-44, which cuts off the youngest millennials (sorry, folks) and includes a few years of baby Gen Xers.

The higher the percentage of households pulling in over $200,000, the “richer” the millennials in that state. While the cost of living varies, $200,000 is a sizeable salary in all states. According to the census, nationally, only 6.9% of households earn over $200,000 annually.

Now, let’s see the top 10 states where millennials are making bank.

10. New Hampshire

Portsmouth, New Hampshire
Sean Pavone / Shutterstock.com

Millennial homeowner households earning more than $200,000: 8%
Total millennial homeowner households: 146,356
Those earning more than $200,000: 11,967

In 10th place is New Hampshire. A respectable 8% of millennial homeowner households in New Hampshire earn $200,000 per year or more, which means they can afford such finery as paper napkins and breakfast cereals. My guess? Their cereal of choice is Lucky Charms — because some New Hampshire millennials are probably feeling pretty lucky.

9. Hawaii

Honolulu, Hawaii
MNStudio / Shutterstock.com

Millennial homeowner households earning more than $200,000: 8%
Total millennial homeowner households: 135,346
Those earning more than $200,000: 11,384

Living in paradise isn’t cheap, but 8% of millennial households in Hawaii are doing pretty well. Lucky for them, because Hawaii has the most expensive average home price in the nation — a staggering $672,429!

8. Virginia

Richmond, Virginia
ESB Professional / Shutterstock.com

Millennial homeowner households earning more than $200,000: 9%
Total millennial homeowner households: 1,036,915
Those earning more than $200,000: 95,971

Nine percent of millennial households in Virginia earn top dollar. Large companies and employers in Virginia include the government and defense contractors.

7. Maryland

Downtown Annapolis, Maryland
Sean Pavone / Shutterstock.com

Millennial homeowner households earning more than $200,000: 10%
Total millennial homeowner households: 700,165
Those earning more than $200,000: 72,232

In seventh place for having the largest share of millennials who are wealthy is Maryland. Highest-paying jobs in Maryland include surgeons, gynecologists and other medical professions.

6. Washington

Seattle, Washington
evenfh / Shutterstock.com

Millennial homeowner households earning more than $200,000: 11%
Total millennial homeowner households: 1,015,815
Those earning more than $200,000: 107,346

In Washington state, 11% of millennial homeowner households earn $200,000 per year or more. While California is better known as a tech hotbed, Washington has its share of big tech, including Amazon and Microsoft.

5. Connecticut

Hartford, Connecticut
James Kirkikis / Shutterstock.com

Millennial homeowner households earning more than $200,000: 11%
Total millennial homeowner households: 402,424
Those earning more than $200,000: 43,084

In fifth place, we have Connecticut, where 11% of millennial households earn the coveted salary of $200,000 per year or more.

4. New York

New York City
pio3 / Shutterstock.com

Millennial homeowner households earning more than $200,000: 12%
Total millennial homeowner households: 2,317,001
Those earning more than $200,000: 272,239

New York, New York, what a wonderful place! Or at least for the 12% of millennial homeowner households bringing home hefty paychecks, anyways. New York may have a declining population, but opportunity still exists for high earners in the Empire State.

3. California

Woman in San Francisco, California
PR Image Factory / Shutterstock.com

Millennial homeowner households earning more than $200,000: 12%
Total millennial homeowner households: 4,444,303
Those earning more than $200,000: 554,873

It should be no surprise to see some of the richest millennials call California home. California is home to tech hubs like Silicon Valley and Los Angeles that attract top young talent from across the country and pay them top dollar.

2. New Jersey

Trenton, New Jersey
FotosForTheFuture / Shutterstock.com

Millennial homeowner households earning more than $200,000: 13%
Total millennial homeowner households: 969,537
Those earning more than $200,000: 127,867

In second place, we have New Jersey, where 13% of millennial homeowner households bring in a whopping $200,000 a year or more. To put that share of millennial households into perspective, it’s six times that of Mississippi. Wow.

1. Massachusetts

Boston, Massachusetts
f11photo / Shutterstock.com

Millennial homeowner households earning more than $200,000: 14%
Total millennial homeowner households: 816,603
Those earning more than $200,000: 112,750

Massachusetts has the largest share of millennial homeowners that are rich. In the Bay State, 14% of those households make more than $200,000 per year. Downside? Those Massachusetts winters get pretty chilly and heating those homes will cost them a pretty penny, but I think they can afford that.

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.

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