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Here’s why lots of “rich millennials” are moving to New Jersey

Here’s why lots of “rich millennials” are moving to New Jersey

A lot of different factors influence where one will ultimately decide to live—things like proximity to friends and family, job opportunities and overall cost of living are obviously important things to consider. And this is no different for many millennials, who are on the move in droves.

New data released by SmartAsset revealed that many “rich millennials,” who are those under age 35 with at least $100,000 of adjusted gross income, are relocating within the country. The study also figured out where exactly in the United States these people are moving to, and New Jersey is in the top ten.

Using IRS data from 2015-2016 and metrics on the inflow and outflow of rich millennials, SmartAsset learned that they are primarily relocating to the coasts rather than somewhere in middle America.

Still, New Jersey is the only state in the northeast to crack the top ten states on the list. Why? It has to do with our proximity to New York City—many New Jersey towns are easily commutable across the Hudson River to Manhattan, and New Jersey is a more affordable housing alternative to the city.

“The Garden State saw a net inflow of 346 wealthy millennials from 2015 to 2016,” according to the site. “While 6,197 rich people under 35 moved out of the state, 6,543 made New Jersey their new home.”

We can’t say we blame these folks, since the Garden State has a little bit of something for everyone, including beaches, a short commute to NYC and of course, amazing shopping. Whether you’re one of these “rich millennials” or not, come visit us at Garmany in Red Bank, where you’ll find all the best designer clothing for both men and women.

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