Millennials With Money Exit New York

Millennials with cash in their pockets are heading for the coasts to live and work. What is surprising is that the Northeast — except for one state — isn't where the age group is relocating.

SmartAsset released a study about where people under the age of 35 who have an adjusted gross income of at least $100,000 are moving.

The most popular states where rich millennials are showing up is topped by California, which is the home of Silicon Valley. It is followed by Washington, Texas and Colorado.

New Jersey is the only state in the Northeast to show up in the top 10.

Neighboring New York is seeing an exit of the demographic, according to SmartAsset.

The Empire State ranked dead last — at No. 51, including the District of Columbia — in the report, with 10,048 millennials moving in and 14,915 moving out from 2015 to 2016, for a net migration of -4,867.

The top 10 list of states where millennials are moving are:

1. California
2. Washington
3. Texas
4. Colorado
5. Florida
6. Oregon
7. North Carolina
8. South Carolina
9. Tennessee
10. New Jersey

Interestingly, California saw more than twice the net inflow than Washington state.

What is also notable is that, similar to retirees relocating to Florida, wealthy millennials are also seeking warmer climates, but in other states.

To read the complete study, go to the SmartAsset website.