Sept. 26. The Millennial generation—those currently aged 27 to 42—is America’s largest, and as they move solidly into their peak earning and spending years, they are asserting their economic power.

Looking only at people who moved into or out of the state, North Carolina reported a 2.9 percent net increase in wealthy millennials—defined here as individuals ages 26–45 earning over $200,000 annually.

Overall, wealthy millennials are moving to North Carolina at the 11th highest rate in the nation, a new study says.

Background

Millennials faced a tough economic outlook in their early working years, according to the study from upgradedpoints.com.

The impacts of the Great Recession, unprecedented levels of student loan debt, and stagnant wage growth made it difficult to find good jobs and build wealth. But over time, the outlook has improved.

Millennials are now the largest segment of the labor force. Within the last few years, they have also become the largest share of homebuyers. And other unique characteristics of the generation—like higher educational attainment levels, especially for women—are contributing to economic advancement as well.

Looking only at people who moved into or out of the state, North Carolina reported a 2.9% net increase in wealthy millennials—defined here as individuals ages 26–45 earning over $200,000 annually—to its population.

In the wake of the COVID-19 pandemic, out-of-state migration has risen sharply, jumping from 14.2% in 2020 to 17.3% in 2022

Overall, wealthy millennials are moving to North Carolina at the 11th highest rate in the nation.

Here is a summary of the data for North Carolina:

—Net gain or loss of wealthy millennials (percent): +2.9%

—Net gain or loss of wealthy millennials (total): +5,602

—Total wealthy millennials who moved in: 12,326

—Total wealthy millennials who moved out: 6,724

—Tax base change from wealthy millennial movers: +$729,351,000

Because of these trends, the U.S. experienced a sharp rise in the rate of people moving across state lines from densely populated and expensive states to those offering some combination of more affordable housing, more space for home offices, lower taxes, and better recreational opportunities. Such moves were common among wealthy millennial families.