High-earning young professionals are on the move, but where exactly are they headed?
In a new report from SmartAsset, which ranked the US states according to net migration, the most popular areas where deep-pocketed millennials and Gen Zers flocked were Florida, Texas, and New Jersey. More specifically, large metro areas like Miami, Austin, and Jersey City saw the most newcomers. Colorado, North Carolina, and Connecticut were also popular among this demographic. The analysis specifically looked at Americans between the ages of 26 and 35 who earn more than $200,000 a year based on 2021 IRS figures.
More from Robb Report
SmartAsset, an online destination that provides consumer-focused financial information and advice, found that the Sunshine State landed at the top of the list, with 3,391 young high-earning residents gained and 1,216 lost, resulting in a net migration of 2,175. The Lone Star State took second place and netted 1,909 new and wealthy young professionals. This shouldn’t come as a total shock, though, as neither locale collects income taxes. Of course, the warm weather doesn’t hurt either.
Instead of moving to or setting down roots in the Big Apple, many young people with high-paying jobs stayed in close proximity and headed across the Hudson. In 2021, the Garden State saw a net migration of 1,048 young high earners with 3,311 people arriving and 2,139 people leaving. “This was the most dramatic reversal from the aggregate trends,” noted the report.
Among the states that lost the most young people with substantial incomes were New York and California, with 5,062 and 4,495 young people exiting, respectively. Still, the two states actually had the highest rate of high-earning young professionals overall.
Other states also have significant populations of high-earning young people. In the state of Washington, which, like Texas and Florida, does not levy income tax, 13 percent of all residents earning at least $200,000 fall between the ages of 26 and 35. And over in Washington, DC, more than 16 percent of people in that same age bracket are pulling down a similar amount.
Check out the top 10 ranking below.