Move Over Retirement, Florida Beckons Young and Wealthy: SmartAsset Reveals Florida as the #1 State Attracting and Keeping Affluent Millennials
In a stunning revelation, Florida has broken away from its retirement destination image, captivating not just the elderly but also a vibrant influx of young and wealthy newcomers. SmartAsset’s latest analysis crowns Florida as the prime state for attracting and retaining the crème de la crème of young professionals. The financial authority scrutinized net migration trends to unveil this monumental shift.
With razor-sharp precision, SmartAsset zeroed in on states drawing in the most promising demographic: professionals aged 26 to 35, flaunting an impressive minimum adjusted gross income of $200,000. Drawing from the latest available IRS data from 2021, the study illuminated the extraordinary allure of Florida.
Bolstering its claim to fame, Florida welcomed a staggering 3,391 high-earning young talents, while bidding adieu to 1,216, ultimately cementing a net migration of 2,175 affluent young individuals. Texas nipped at Florida’s heels, welcoming 4,048 young and affluent newcomers. The Texan landscape, though, saw a two-way traffic, as over 2,000 rich young taxpayers departed, translating to a net migration of 1,909.
Venturing into the third spot, New Jersey surfaced as a compelling anomaly. While the state witnessed a general exodus of affluent individuals across all age groups, it nonetheless triumphed with a net gain of 1,048 young and wealthy professionals in the same year. SmartAsset’s Jaclyn DeJohn, the maestro behind the analysis, aptly dubbed this a “dramatic reversal from the aggregate trends.”
Mapping the Path of Prosperity: The Grand Migration of Young and Wealthy Americans
Destination Demographics: States with the Most Favored Net Migration for 26-35-year-olds Earning $200,000 or More
The Enigma of Appeal: Cracking the Code Behind the Sun-Soaked and Tax-Free Havens
Eying the obvious appeal of states like Florida and Texas to the cream of young wealth, Jaclyn DeJohn of SmartAsset shared insights with CNBC Make It. These states, boasting burgeoning tech hubs such as Austin and Miami, beckon individuals with distinct skills and expertise, aspiring to elevate their careers. Besides, the allure of balmy weather and zero income tax in these states adds a golden touch.
Across the nation, the enigma of New Jersey emerges. Its proximity to the vibrant New York City scene, combined with the charm of a suburban lifestyle, crafts a ‘best-of-both-worlds’ haven. This uniquely appeals to young individuals, who find solace in their dual pursuit of a thriving career and prudent savings. The treasure trove of high-quality public education further strengthens New Jersey’s magnetism.
The Empire State and the Golden State: Allure Amplified
DeJohn’s expert analysis underscores that New York and California stand unrivaled in their count of young high earners. Yet, the story takes an unexpected twist, as both states experienced substantial emigrations within the same demographic group. While almost 4,000 young wealthy taxpayers were lured to New York, an impressive 5,000 were drawn to the allure of California. Nonetheless, both states witnessed an exodus of over 9,000 individuals, resulting in a unique dichotomy at the bottom of the list for the young and affluent.
In this riveting tale of migration and aspiration, Florida emerges as the crown jewel, transforming the landscape and proving that the allure of the American dream continues to evolve.
