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Wealthy young people flee California, New York and flock to Texas, Florida

October 7, 2022

By JOSH FRIEDMAN

High-earning young professionals are fleeing New York and California and flocking to more affordable states led by Texas and Florida. [CNBC]

A survey conducted by SmartAsset tracked the movement of individuals under the age of 35 with an adjusted gross income of at least $100,000. The survey used Internal Revenue Service data to compare tax returns from 2019 and 2020 in order to determine the inflow and outflow of high-earning young professionals in all 50 states, as well as the District of Columbia.

New York had the highest outflow of wealthy young professionals. The state had a net outflow of 15,788 young professionals making at least $100,000. California trailed with a net outflow of 7,960 well-to-do young professionals.

Texas was the top destination for high-earning young professionals, followed by Florida. Texas had an inflow of 15,024 high-earning young professionals. Factoring in an outflow of 11,200, Texas had a net inflow of 3,823 young professionals. Florida had an inflow 10,258 and a net inflow of 3,411.

No other state had a net inflow of more than 3,000 well-to-do young professionals. Washington, with a net inflow of 2,753, placed third. Colorado, New Jersey, North Carolina and Arizona rounded out the top seven states for attracting high earners under the age of 35.

Analysts attribute much of the movement of young professionals to the high cost of living in New York and California and states like Texas and Florida being more affordable. Texas, Florida and Washington do not have state income tax.

The rise of remote work during the COVID-19 pandemic is also believed to have factored into the movement of young professionals. With numerous professionals given the opportunity to work remotely, many had more flexibility in choosing where to live and could prioritize factors other workplace proximity.


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Funny cause the Estero Bay has an invasion going on at the moment. Sucks . Never gonna be the same


0

The population is drying up like the parched ground of this state. Nothing wrong with leaving the insanity behind for a better quality of life in a good state.


18

Florida and Texas deserve more people.


-16

I hope that influx to those red states will change them back to blue. The governors and senators from Tx and Fl are fascists.


-44

Fascism is state control over commerce and lifestyle, restrictions of freedoms, “shared” taxes, and the establishment of a near total police state.


Conservatives have always promoted smaller government, fewer regulations on business, lower taxes, and those freedoms and liberties as written in the laws of the Constitution.


Florida and Texas, adhere to Conservative values. Blue states do not.


Educate yourself of history and reality. Don’t just spew words you heard out of hatred.


4

That’s excellent! Young, college educated, high earning Americans tend to be more liberal and vote Democratic. In fact, the New York Times called them a “firmly Democratic bloc.”


-49

Showing how our education system is failing…


16

For decades now.


8

That may very well be true, but those aren’t the ones leaving. I know dozens from this area in that demographic who are Conservative moving to those states in addition to Tennessee. There are much better opportunities to a far better quality of life across the board. Fact.

. The “firmly Democratic bloc” you speak to couldn’t handle the personal responsibility, and accountability it requires to live in those states.


10

If I was young I would leave also.


43

Far from a young professional but here’s my quick story.


Lived in SLO County since 1968. Never thought I’d do it but I moved the entire family out of the state two years ago.


Property tax is almost half of what we were paying. Utilities and insurance a third. Gas is 2 bucks less a gallon. Moving immediately gave all of us a substantial raise.


Clean streets, low crime, no homeless tent camping, no graffiti. Friendly people. No “catch and release” laws for most crimes. The list goes on.


We miss the beach and some of our friends and come back every few months.


Win/ Win


74

Where is this paradise?


1

You nailed it.


4

Good for them! Take your money where you believe in the values and opportunities. Just as our ancestors did coming to California for a better life. Oh how the tides have turned.


61

I 100% agree.


5

Good. Back in the day, we had to get up and drive to a factory. We went from a builder to a service mentality. Ralph’s invented the Supermarket where all of your grocery shopping can be done at one location, there are more cars than busses and we carry our phones on our hips. Relocating to another place keeps getting called “Fleeing” in some sort of California, New York is bad, Texas and Florida is good framing. People “Fled” The south and Midwest. Watch the grapes of Wrath sometime and watch the Okies and Arkies “Flee”’ or as it could be stated “Explore better opportunities” and how the 1st. Thing you’re told to do is get rid of your California license plates because the “Freedom lovers” don’t like Californians utilizing their freedom to move.


5

“Thing you’re told to do is get rid of your California license plates because the “Freedom lovers” don’t like Californians utilizing their freedom to move.”

That’s not true. The reason is a lot of the “freedom lovers” as you call them are concerned that the Californian’s will bring their “California best ideas” with them and as such, would like them to move elsewhere.


12