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To determine which states young, high-income professionals earning over $200,000 a year are choosing to settle in, SmartAsset<\/strong>, a US financial technology company, has analyzed the most recent migration data from the IRS<\/strong> (International Revenue Services), the US federal agency that collects income tax.<\/p>\n <\/p>\n According to its latest study, dated July 2023, Florida and Texas<\/strong> attract the largest number of high-income young people, while New York and California<\/strong> lose the most. After taking into account departures and arrivals, Florida saw a net increase of 2,175 high-income young people aged 26 to 35, while Texas welcomed 1,909 more. Nevertheless, New York (-5,062 high-income earners) and California (-4,495 high-income earners) remain the states with the most high-income young people of any age group, despite these significant losses.<\/p>\n <\/p>\n While high-income earners have generally left New Jersey<\/strong>, affluent young people are flocking there. Overall, New Jersey lost 2,617 high-income filers in 2021. However, in the same year, the state recorded the arrival of 1,048 new wealthy young professionals. This represents a dramatic reversal of general trends. Connecticut<\/strong> also experienced a similar, albeit less radical, evolution.<\/p>\n <\/p>\n High-income earners are the youngest in Washington<\/strong>. Compared to the affluent population of all ages and the total population, this state shows a notable imbalance in favor of the wealthy young. More than 13%<\/strong> of individuals earning at least $200,000 in Washington State are between the ages of 26 and 35. The second state in terms of high-income young people is California<\/strong>, with a percentage of 10%. Other states such as New York, California, Massachusetts<\/strong> and New Jersey also boast high rates of high-income young people.<\/p>\n <\/p>\n Despite the departures, Washington DC remains exceptionally young and affluent. The region lost around 700 high-income tax filers between the ages of 26 and 35, but retains a proportion of this population that exceeds that of all other states. More than 16%<\/strong> of those earning over $200,000 belong to this age bracket.<\/p>\n <\/p>\n Discover the SmartAsset ranking :<\/strong><\/p>\n <\/p>\n Florida<\/strong><\/p>\n Florida recorded a net gain of 2,175 high-income filers aged 26 to 35. While 3,391 moved to the state, 1,216 moved elsewhere or left this income bracket. More recently, there were 23,537 tax returns over $200,000 for this cohort. Florida is one of nine states with no income tax.<\/p>\n <\/p>\n Texas<\/strong> <\/p>\n New Jersey<\/strong> <\/p>\n\u2028\u2028\t\tWealthy young people in Washington<\/h2>\n
\nTexas attracted a larger number of affluent young professionals than Florida, with the addition of 4,048 new filers in this age bracket. However, departures were also substantial, totaling 2,139 filers, resulting in a net migration of 1,909 to the state. Of the nearly 700,000 tax returns over $200,000 in Texas, 7% are from people aged 26 to 35. Texas has no state income tax.<\/p>\n
\nNew Jersey has seen a major reversal in migration trends across all age groups. Whereas high-income individuals had tended to leave the state, this trend reversed in favor of 26-35 year-olds. Thus, 3,311 new taxpayers passed the $200,000 income threshold in this age bracket, while 2,263 left.<\/p>\n