Bottom Line: It’s True, High-Earners Are Moving to Montana

There is a term that is thrown around a lot in Montana and that is "rich out-of-staters". That phrase has been known to elicit an emotional response from people. It's a term not used as a compliment. That's why, especially during the political season, you hear it a lot. So it begs the question, are there a lot of "rich out-of-staters" moving to Montana?

It may depend on what your definition of "rich" is, but according to a report the answer looks to be yes. Montana is seeing a higher number of high-earning households moving here than a lot of other states. Is Montana the most popular? No, but we are near the top.

According to Smart Asset, Florida is the top state to see an increase in high-earning households. They are on top by a lot. A high-earning household is defined as making $200k or more annually. Using IRS data, Smart Asset looked at where households making that threshold are moving to the most, and which states they are moving from to most.

Montana Is 12th the Most Popular State

Montana ranks as the 12th most popular state for gaining high-earning households. There are other states in the West that are popular locations.

• Arizona ranks 5th.
• Nevada ranks 7th.
• Idaho ranks 8th.
• Colorado ranks 9th.
• Utah is right behind Montana at 13th.

The top 5 states seeing the most high-earning households leaving are:

• California
• New York
• Illinois
• Massachusetts
• New Jersey

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Another finding that stands out from their report concerns Wyoming. High-income transplants are making nearly $1.6 million annually. "The income of high-income households moving into Wyoming was just about triple that of those moving out ($535,000)."