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Wealthy young professionals flee California and New York

New York and California have long been attractive places for young workers seeking independence. But that may be changing.

a Survey conducted by SmartAsset It tracked the movement of so-called “rich young professionals,” described as being under the age of 35 and having an adjusted gross income of at least $100,000.

SmartAsset identified the inflow and outflow of wealthy young professionals in all 50 states and the District of Columbia by comparing 2019 and 2020 tax returns using Internal Revenue Service data.

Young professionals seem most eager to leave New York. With a net outflow of 15,788, the state had the most individuals outflow by a wide margin. California, with net outflows of her 7,960, also seems to be losing appeal to rich young professionals.

Where are the young people going? According to SmartAsset, these are the top seven states where wealthy millennials flock.

1. Texas

Total inflow: 15,024

total outflow: 11,200

net inflow: 3,823

2. Florida

Total inflow: 10,258

total outflow: 6,847

net inflow: 3,411

3. Washington

Total inflow: 9,882

total outflow: 7,129

net inflow: 2,753

4. Colorado

Total inflow: 7,306

total outflow: 4,665

net inflow: 2,641

5. New Jersey

Total inflow: 11,015

total outflow: 8,556

net inflow: 2,459

6. North Carolina

Total inflow: 6,929

total outflow: 4,881

net inflow: 2,048 people

7. Arizona

Total inflow: 4,231

total outflow: 2,794

net inflow: 1,437

The top two states, Texas and Florida, are known for their income tax exemptions and may be attractive to young professionals. “They also have a reputation for being affordable,” Susannah Snider, her certified financial planner and editor-in-chief of financial education at SmartAsset, tells her CNBC Make It.

However, it’s important to remember that “housing and other costs vary within a given state.”

Washington, with its influx of 2,800 wealthy young millennials, also appears to be a place of interest.It makes sense: Washington Previously ranked among the most affordable states for millennials By WalletHub.

By contrast, California and New York both have a reputation for being expensive, says Snider. Say.

of Rise of remote work It may also influence why wealthy young people are fleeing coastal hubs. “While our study does not quantify the role that the Covid-19 pandemic has had on the migration patterns of wealthy young professionals, we think its potential impact is worth noting,” Snyder said. say.

“With offices closing in 2020 and businesses switching to remote work, young professionals may have had more flexibility in choosing where to live, moving based on factors unrelated to work proximity. ”

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https://www.cnbc.com/2022/10/07/rich-young-professionals-fleeing-california-and-new-york.html Wealthy young professionals flee California and New York

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