Yahoo Finance 10 Top States Gen Z Is Moving To — And How Much It Costs To Live There
Gen Z is a generation like none other before them. Deeply values-driven and pragmatic, this young cohort prioritizes authenticity, transparency, social responsibility and self-care. They’re also, as a whole, pretty financially savvy. They tend to be aggressive savers, smart budgeters and happy to navigate technology that can help them achieve or maintain financial security.
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And they may care less about living in a big, trendy and expensive location than somewhere lowkey where they can maximize their income. New research from StorageCafe reveals that Gen Zers are migrating to 10 states in particular. Here’s where this young and financially empowered generation is setting up fort, and how much it costs to live in each of these states.
Alabama
Gen Z net migration: 9,100
Alabama is, evidently, an alluring spot for Gen Z. According to the research, a consistent 13% of the Gen Zers who relocated to Alabama bought a home right away. It makes sense that a financially savvy young person would pick Alabama as the spot to purchase their first home. According to RentCafe, the cost of living here is 11% lower than the national average, while housing, in particular, is 36% below the national average.
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North Dakota
Gen Z net migration: 9,200
Not only can you find beautiful natural scenery in North Dakota, you can find relatively affordable housing, with costs hovering at 16% lower than the national average, according to RentCafe. And the cost of living is 5% lower. StorageCafe’s research found that 11% of Gen Zers who moved to North Dakota bought a home as soon as they moved there.
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Arizona
Gen Z net migration: 9,400
Arizona’s economy has been growing, and the appetite for employment is generally strong, which could factor into why Gen Z is picking this state to call home. But it’s not a cheap state. According to RentCafe, the cost of living here is 6% higher than the national average. Housing is also expensive: 18% higher than the national average. But hey, it’s cheaper than California!
Colorado
Gen Z net migration: 9,400
The Centennial State is clearly appealing to Gen Z, but why? The cost of living there is 6% higher than the national average, and housing costs are 20% higher, according to RentCafe. Is it that inspiring mountain air or is it, perhaps, the fact that Colorado has large cities that financially rival those in more expensive states like California?
Utah
Gen Z net migration: 9,400
Utah has a lot to offer Gen Z, especially outdoor lovers — and it doesn’t come at too high of a price. According to RentCafe, while housing is 4% higher than the national average, the overall cost of living is just 1% higher.
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Pennsylvania
Gen Z net migration: 10,000
Lower living expenses may play a role in why Gen Zers are flocking to Pennsylvania. According to RentCafe, the cost of living here is 4% lower than the national average, and the cost of housing is 17% lower. The state also has a notably gigantic economy.
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Texas
Gen Z net migration: 10,000
In the past decade-plus, Texas has been a top spot for big companies to relocate to for a more business-friendly environment. This could be a reason more Gen Zers are moving here, but it certainly doesn’t hurt that the cost of living in Texas is 7% lower than the national average, and housing is 17% lower, according to RentCafe.
North Carolina
Gen Z net migration: 11,000
In North Carolina, the cost of living is 5% lower than the national average, and the cost of housing is 14% lower. These facts alone are alluring to people looking to live the good life for less, but the state becomes even more attractive when you consider that it’s got a lot of opportunity for jobs, including in the tech sector.
Washington, D.C.
Gen Z net migration: 13,000
You probably won’t be surprised to hear that D.C. isn’t a cheap place to live. In fact, it’s astronomically expensive. The cost of living in D.C. is 47% higher than the national average. And the cost of housing is 140% higher! Still, the nation’s political hub is clicking with Gen Z.
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Connecticut
Gen Z net migration: 15,000
Though not as expensive as D.C., Connecticut is still pricey. The cost of living here is 13% higher than the national average, and the cost of housing is 24% higher, according to RentCafe. One drawing point could be that though it’s hardly a cheap state, you can get a nicer quality of life, objectively, for less than you might in other East Coast states.
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This article originally appeared on GOBankingRates.com: 10 Top States Gen Z Is Moving To — And How Much It Costs To Live There
