Wealthy millennials are leaving Illinois faster than almost any state, new report finds
Illinois saw a net loss of more than 3,000 wealthy millennial households from the tax years 2021 to 2022, according to a new report from financial website SmartAsset.
The report defined a wealthy millennial as someone between the ages of 26 and 45 making an adjusted gross income of at least $200,000.
Illinois lost the third-greatest number of wealthy millennials in the U.S. over the timeframe studied, while Missouri lost the 10th-greatest number.
The Land of Lincoln has seen disproportionate population loss in recent years, and St. Clair County has been no exception. The U.S. Census Bureau estimates St. Clair County has lost more than 6,000 residents since 2020, and the county’s population declined each year from 2020 to 2023.
Here’s what to know about wealthy millennials moving out of Illinois, and what states are gaining the demographic’s population.
More on where wealthy millennials are moving
Illinois saw a net loss of 3,163 wealthy millennial households in tax years 2021 and 2022, according to the SmartAsset report released in August. The state reported 3,694 wealthy millennial households moved in to the state, while 6,857 moved out of Illinois.
The total number of Illinois millennial tax returns showing an income of $200,000 or more was 127,494, according to SmartAsset. The average adjusted gross income for wealthy millennial households was $470,112, and the portion of wealthy households in the millennial age range is 21.5% in Illinois.
Missouri reported a net loss of 168 wealthy millennial households, with 1,341 moving in and 1,509 moving out. The total number of Missouri millennial tax returns showing an income of $200,000 or more was 35,841, the average adjusted gross income for wealthy millennial households was $435,553 and the portion of wealthy households in the millennial age range was 19.9%.
The SmartAsset report didn’t list specific reasons as to why wealthy millennials are moving from Illinois, but had this to say about the demographic’s overall reasons for moving: “When these wealthy Millennials choose to move for job opportunities, lifestyle, family and other reasons, their disproportionate economic power also goes with them.”
Here’s how the top 10 states wealthy millennials are moving from compared:
California: net loss of 9,181 wealthy millennial households
New York: net loss of 4,251
Illinois: net loss of 3,163
Massachusetts: net loss of 1,927
Pennsylvania: net loss of 609
Minnesota: net loss of 365
Louisiana: net loss of 325
Washington: net loss of 222
Michigan: net loss of 189
Missouri: net loss of 168
A few Illinois localities have been recently lauded in national rankings. Prairie Crossing, a subdivision of Grayslake, was named in financial magazine Money’s list The Best 50 Places to Live in the U.S., and Elgin was named the safest and most affordable city to live in the nation by Go Banking Rates.
Several states in the South saw population growth for wealthy millennials. Here’s how the top 10 states wealthy millennial households are moving to compared:
Florida: net gain of 6,188 wealthy millennial households
Texas: net gain of 5,151
North Carolina: net gain of 1,970
Colorado: net gain of 1,227
Tennessee: net gain of 1,197
South Carolina: net gain of 1,068
Georgia: net gain of 895
Arizona: net gain of 668
Idaho: net gain of 606
Nevada: net gain of 510
Note: The BND has reached out to SmartAsset to clarify whether the net loss of wealthy millennial households refers to the total number for tax years 2021 and 2022 or if the number is an average. SmartAsset had not responded by publication time.
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