Young Rich People Are Moving To Florida, More Than Any Other State
We all know that wealthy retired people are leaving states like New York and California and moving to Fort Myers, Naples, and other parts of Florida. As it turns out, young wealthy individuals are moving here, too.
SmartAsset examined the most recent publicly available tax returns to uncover where adults aged 26-35, who earn a household income of $200K or more, are moving. Just like their older counterparts they’re moving to Florida and Texas.
New York and California do still have the highest count of young high earners of any state. But in terms of net migration, those numbers are falling. They are either falling out of that tax bracket, or they’re leaving the state.
The study shows “Florida gained a net of 2,175 high-earning tax filers between ages 26 and 35. While 3,391 were added in the state, 1,216 either moved or fell out of the income bracket. Most recently, there are 23,537 tax returns with over $200,000 income for this cohort.” Texas was 2nd with a net gain of 1,909 high-earning tax filers between ages 26 and 35. New jersey came in 3rd with 1,048.
On the bottom end, it’s the usual suspects. Although New York did add more high earners in this age group than Florida, even more high earning 26-35 year olds decided to leave. New York had a net of -5,062 young, high earners in the state. California is not far behind with a net of -4,495. Illinois came in 3rd last with a net of -952.
The full ranking of all 50 states and methodology is here.
Sunshine State Shines Bright: Florida Ranked Among Top States To Call Home
10. Minnesota
With a total score of 57.52, Minnesota ranks high in safety. The state is home to the Mall of America and its 10,000+ lakes.
9. Wisconsin
Wisconsin has a total score of 58.35, ranking high in affordability. Known for big cities like Madison and Milwaukee, beer and the many sports teams around the state.
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8. Idaho
Idaho has a total score of 58.36 ranking higher in economy and quality of life. The state is best known for its potato production, as well as for its rich source of gems.
(Photo by Kevork Djansezian/Getty Images)
7. Virginia
Virginia takes the #7 spot with a total score of 58.37, ranking high(ish) in economy. The state is known as “the birthplace of a nation” as well as the “mother of presidents”.
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6. Florida
Florida has a total score of 58.81, ranking high in affordability and economy. From the east coast to the west coast, the beaches are unbeatable and central Florida has some of the best theme parks in the world.
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5. Wyoming
The total score for Wyoming is 59.16, ranking high in education & health and quality of life. The state is most known for national parks Grand Teton and Yellowstone.
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4. New York
New York has a total score of 59.31, ranking high in affordability, economy and education & health. New York City, also called “The City That Never Sleeps” is what the state is most known for between the Statue of Liberty, Times Square and Central Park.
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3. New Hampshire
With a total score of 59.32, New Hampshire ranks high in affordability and quality of life. The state is known for its granite formations and quarries and its breathtaking landscapes.
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2. New Jersey
With a total score of 61.48, New Jersey ranks high in affordability and economy. New Jersey is known for the Atlantic City Boardwalk, Ellis Island and Ocean City beaches.
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1. Massachusetts
With a total score of 61.67, Massachusetts ranks high in affordability. The state is famous for the Salem Witch trials, the landing place of The Mayflower and the Pilgrims and the Boston Tea Party.
(Photo by PA3 Kelly Newlin/U.S. Coast Guard via Getty Images)
