States where Rich millennials are moving to and from (quality, schools, downtown)

[iLoveFashion]

Originally Posted by svelten

I'm more shocked they're moving out of NY. This is wealthy millenials we're talking about here... 25-35 demographic with money. California is no surprise. Someone in their late 20s/early 30s making a 6 figure salary is not likely going to be thinking about cost of living because they will automatically assume they can afford whatever it is.

The rest of the top 5 are predictable.

What’s so surprising about a rich person leaving NY State?

[iLoveFashion]

Lots of Rich New Yorkers are known for moving to northern NJ. Even nyc rappers.

[iLoveFashion]

Originally Posted by Chicago60614

That statement though is a fairly common misconception I hear stated quite a bit, and it's false.

Multiple studies have found a fairly large surge in higher income households in the Chicago area (most of Illinois' population) and a drop in lower income households which is leading to a small decline in overall population.

Number of household changes 10-year period:

<$25,000: (-30,000)
$25,000-$74,999: (-80,000)
$75,000+: +300,000

https://www.cmap.illinois.gov/update...tion-stagnat-1

Increase in households aged 45 years and under who make more than $100,000 per year:

New York (the most, wasn't specifically stated)
Chicago: +26,000
Houston: +24,000
San Fran: +23,000
Washington DC: +19,000
Los Angeles: +16,000

https://www.chicagobusiness.com/arti...nsus-data-show

Households by Income 2013-2017:

Less than $25,000: -36,037
$25,000-$50,000: -40,187
$50,000-$100,000: -22,130
$100,000-$150,000: +40,691
More than $150,000: +109,255

https://www.census.gov/acs/www/data/...les-and-tools/

Percent of families making less than $50,000:
2013: 41.7%
2017: 38.7%
-3.0%

Percent of families making $50,000 to $100,000:
2013: 30.6%
2017: 29.6%
-1.0%

Percent of families making more than $100,000:
2013: 27.7%
2017: 31.7%
+4.0%

So NYC is gaining more six figure income people?

[BXboi]

kinda hope alot of that is from NYC.......you can't go outside without tripping over somebody sometimes....

[sean1the1]

Originally Posted by iLoveFashion

Does anyone know why 100K is considered rich for a millennial?

It might be due to the norm of increasing incomes with age.

[Vlajos]

Originally Posted by Chicago60614

That statement though is a fairly common misconception I hear stated quite a bit, and it's false.

Multiple studies have found a fairly large surge in higher income households in the Chicago area (most of Illinois' population) and a drop in lower income households which is leading to a small decline in overall population.

Number of household changes 10-year period:

<$25,000: (-30,000)
$25,000-$74,999: (-80,000)
$75,000+: +300,000

https://www.cmap.illinois.gov/update...tion-stagnat-1

Increase in households aged 45 years and under who make more than $100,000 per year:

New York (the most, wasn't specifically stated)
Chicago: +26,000
Houston: +24,000
San Fran: +23,000
Washington DC: +19,000
Los Angeles: +16,000

https://www.chicagobusiness.com/arti...nsus-data-show

Households by Income 2013-2017:

Less than $25,000: -36,037
$25,000-$50,000: -40,187
$50,000-$100,000: -22,130
$100,000-$150,000: +40,691
More than $150,000: +109,255

https://www.census.gov/acs/www/data/...les-and-tools/

Percent of families making less than $50,000:
2013: 41.7%
2017: 38.7%
-3.0%

Percent of families making $50,000 to $100,000:
2013: 30.6%
2017: 29.6%
-1.0%

Percent of families making more than $100,000:
2013: 27.7%
2017: 31.7%
+4.0%

Thanks for posting this. Chicago is definitely not losing high income individuals. That is who is moving and staying as the census numbers show.

[marothisu]

Nowhere in the entire US is $100K rich. People really have lowered their standards huh?

[jessemh431]

Originally Posted by marothisu

Nowhere in the entire US is $100K rich. People really have lowered their standards huh?

Basically yeah. When boomers refuse to to pay millennials the same that they were paid at our age, plus they've forced rents and housing prices through the roof, millennials are broke af and our standards are in the basement now as a country.

[Turnerbro]

Originally Posted by marothisu

Nowhere in the entire US is $100K rich. People really have lowered their standards huh?

It is a lot of money for a 30 year old.

[lrfox]

Originally Posted by marothisu

Nowhere in the entire US is $100K rich. People really have lowered their standards huh?

Well, what's "rich?" It's kind of hard to apply a numerical value to a pretty subjective definition: "having abundant possessions and especially material wealth." Here in Boston, $100k for an individual is enough to live in relative comfort (no roommates, own a car, etc.), but not what I would define as "rich." On the other hand, there are places 50 miles outside of the city where $100k will get me a nice single family home in a decent neighborhood, a decent newer car, some neat toys, and still give me the ability to enjoy some disposable income on entertainment, etc. That's "rich" to plenty of people. Almost anywhere, it's going to be well above the average per capita income. And that's just using $100k as the bare minimum for qualifying and not accounting for presumed income growth considering that even the oldest millennials are still not quit in their peak earning years.

TL/DR, I don't disagree with you on $100k not being "rich," but I think it's a fairly reasonable standard for this discussion.