Young professionals who make more than $100,000 have started to flee California and New York, and the prices that go with them.
Instead, they’re going home, according to a study done by SmartAsset. In fact, analysis by the Census Bureau and Harvard University earlier this year found that 80% of young adults now live less than 100 miles from where they grew up.
Looking at adults under 35 who earn $100,000-plus per year, SmartAsset examined the inflow and outflow of wealthy young professionals from state to state between 2019 and 2020: Where did they leave? And where did they go?
It’s time to cue up the map app and take a closer look.
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Texas
In 2019-2020, Texas ranked the most popular destination. Roughly 15,000 came into the state and only about 11,200 left for a net inflow of about 3,800, according to SmartAsset.
The Lone Star State benefits from the lack of income tax. Instead, Texas relies on high sales and use taxes, and property taxes, to pick up the revenue slack. In fiscal 2019, 26.6% of the state’s net revenue came from the $34 billion collected from sales taxes alone.
Which means high earners definitely have good reason to weigh the income tax advantages and tradeoffs in this state.
Florida
Coming in second was Florida, which also boasts no income tax. The state experienced a 3,400 net inflow of wealthy young professionals, according to SmartAsset. And just like Texas, Florida has a moderate sales tax of 6%. California’s is 7.25%, while New York’s is 4% but in combination with city taxes comes out to 4.5%.
True, counties in Florida can levy a discretionary sales surtax of between 0.5% and 1.5%. However, for many years now, Florida has maintained one of the lowest tax burdens in the country.
Washington
Washington state’s net inflow of 3,400 young professionals met a mixed economic reality: no income taxes, high sales taxes (6.5% plus local levies); overall affordability but sky-high housing costs in hot metro areas like Seattle.
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