Ever wondered where the young, wealthy elite are flocking to in search of greener pastures? A recent study delved into IRS migration data to uncover the top destinations for high-income young professionals aged 26 to 35. These youthful high earners not only contribute significantly to the tax revenue but also impact local economies. In this article, we’ll take you through the findings and unveil the states that are attracting the young and rich, causing shifts in the economic landscape.
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Florida emerges as a hotbed for young high earners, drawing in a net total of 2,175 individuals aged 26 to 35. This sunny paradise gained traction due to its lack of state income tax, luring 3,391 high-earning tax filers to its shores. While 1,216 moved away or shifted out of the high-income bracket, Florida’s tax-friendly policies remain a beacon for those seeking financial comfort and sunny weather. With 23,537 tax returns showcasing an income exceeding $200,000, Florida solidifies its position as a young high-earners paradise.
Texas, the land of wide-open spaces, didn’t lag far behind in attracting young, affluent professionals. A whopping 4,048 new tax filers in the 26 to 35 age range migrated to the state, creating a net gain of 1,909 individuals. While Texas’s generous landscape enticed newcomers, 2,139 high earners bid farewell. Notably, 7% of nearly 700,000 tax returns boasting incomes over $200,000 hail from this youthful demographic. Much like Florida, Texas’s lack of state-level income tax sweetens the deal for those looking to preserve their earnings.
New Jersey, contrary to overall high-earner trends, witnessed a fascinating reversal in the migration dynamics. While high earners typically sought new horizons, the Garden State managed to attract 1,048 rich young professionals aged 26 to 35, offsetting the loss of 2,617 high earners across all age groups. This intriguing phenomenon sheds light on the diverse attractions the state has to offer, countering the broader trend of high-earning individuals departing.
Nestled in the Rocky Mountains, Colorado isn’t just a playground for outdoor enthusiasts; it’s also a magnet for young high earners. The state’s trend of attracting those aged 26 to 35 to its wealth scene is notable, with 7% of all individuals making over $200,000 falling within this age bracket. A net gain of 754 tax filers in this income range graced the state’s landscape, resulting from a migration inflow of 1,681 and an outflow of 927.
North Carolina climbs the ladder as a destination of choice for young high earners. With 13,621 tax returns from the 26 to 35 age group, constituting 5.9% of the state’s wealthy population, it secures a place among the top-ranking states. The state’s welcoming environment and diverse opportunities make it a contender for those seeking both financial prosperity and an enriching lifestyle.
Connecticut manages to attract a surge of young high earners making over $200,000. A net addition of 660 tax filers in this income group points to the state’s appeal to those aged 26 to 35. With a combination of 1,404 newcomers and 744 departures, Connecticut showcases that it’s not just the established wealthy who are drawn to its financial embrace.
Washington State combines youth and prosperity in an enticing package. Boasting the highest proportion of young high earners within the $200,000+ income cohort, it adds a net total of 464 new individuals to its ranks. Thanks to a migration inflow of 2,660 and an outflow of 2,196, Washington’s lack of state income tax proves to be a significant pull factor for this demographic.
Tennessee’s music scene isn’t the only thing attracting attention; the state’s allure extends to young high earners. A net addition of 441 individuals aged 26 to 35 in the $200,000+ income bracket reinforces its reputation as an emerging destination for financial growth. With 868 high-earning young professionals moving in and 427 departing, Tennessee offers more than just harmonious melodies.
Arizona soars as a destination for the young and wealthy, gaining a net total of 321 tax filers aged 26 to 35 with incomes exceeding $200,000. The state’s dynamic landscape and opportunities lure 832 newcomers, offset by 511 departures. The desert state proves that sunshine isn’t the only thing it has in abundance.
South Carolina wraps up the top 10 list, showcasing its appeal to young high earners. With a net gain of 318 individuals in the 26 to 35 age group, the state solidifies its reputation as a charming haven for financial growth. Amidst 601 new tax returns and 283 departures, South Carolina extends its southern hospitality to those seeking economic advancement.
Source: Smart Advisor Match.
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