Wealthy millennials are leaving blue states on both coasts and heading to red states in the south by the thousands, according to a recent study.
Millennials — those between the ages of 26 and 45 — who bring in $200,000 or more a year as a household are fleeing California and New York in large numbers while more and more are moving to Florida and Texas, according to a Smart Asset analysis.
California saw the largest departure of high-earning Gen Yers with a net loss of 9,181 households and New York saw the second largest with a net loss of 4,251 households, according to the analysis of the latest tax return data from 2021 and 2022.
The Golden State had 14,139 wealthy millennials move into its borders but saw more — 23,320 total — leave.
Likewise, New York grabbed 11,340 new wealthy millennial residents but lost 15,591, the study states.
Both states have some of the country’s highest costs of living and even those well off can stretch their money further in other parts of the country where living costs and taxes may be lower.
For instance, Florida and Texas drew in the most well-off Generation Y members.
Florida had a net gain of 6,188 wealthy millennials and Texas saw a net gain of 5,151. North Carolina was next with 1,970.
The median income among millennials in the US is roughly $84,000 annually.
Those who earn $200,000 or more “have more disposable income and economic freedom than their median counterparts, so their impact on local economies can be outsized,” the report notes.
When they pick up and move states, “their disproportionate economic power also goes with them,” the report author said.
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