Americans aged 25 to 34 earn an average annual salary of $56,160, according to data compiled by MarketWatch Guides.
However, some young U.S. workers are making that figure several times over — and relocating to places where their money will go further.
Financial technology company SmartAsset pulled IRS data to rank states by the net inflow of “young and rich” households — those aged 26 to 35 earning more than $200,000 a year — to find out where they’re leaving and going.
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California experienced the largest exit of young and wealthy households in 2022, with more than 3,000 departures, per the study. Illinois saw the second-highest loss at 1,323.
Meanwhile, young high-earners are relocating to Florida and Texas; both states attracted more than double the young, rich households as any other state, with net gains at 1,786 and 1,660, respectively, according to the data.
Half of the states witnessing an influx of young, rich households have no state income tax, SmartAsset reported.
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Check out SmartAsset’s full ranking of the top 10 states that gained the most young and rich households below:
1. Florida
Net migration of young and rich households: 1,786Outflow of young and rich households: 2,084Inflow of young and rich households: 3,870Total young and rich tax returns filed: 33,456Average AGI of young and rich households in the state: $526,273
2. Texas
Net migration of young and rich households: 1,660Outflow of young and rich households: 3,376Inflow of young and rich households: 5,036Total young and rich tax returns filed: 65,904Average AGI of young and rich households in the state: $405,215
3. Colorado
Net migration of young and rich households: 720Outflow of young and rich households: 1,417Inflow of young and rich households: 2,137Total young and rich tax returns filed: 19,911Average AGI of young and rich households in the state: $389,859
4. North Carolina
Net migration of young and rich households: 521Outflow of young and rich households: 1,294Inflow of young and rich households: 1,815Total young and rich tax returns filed: 18,817Average AGI of young and rich households in the state: $375,057
5. Washington
Net migration of young and rich households: 383Outflow of young and rich households: 3,088Inflow of young and rich households: 3,471Total young and rich tax returns filed: 50,509Average AGI of young and rich households in the state: $389,713
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6. South Carolina
Net migration of young and rich households: 372Outflow of young and rich households: 399Inflow of young and rich households: 771Total young and rich tax returns filed: 6,120Average AGI of young and rich households in the state: $370,613
7. Tennessee
Net migration of young and rich households: 347Outflow of young and rich households: 704Inflow of young and rich households: 1,051Total young and rich tax returns filed: 10,438Average AGI of young and rich households in the state: $451,633
8. New Jersey
Net migration of young and rich households: 300Outflow of young and rich households: 3,135Inflow of young and rich households: 3,435Total young and rich tax returns filed: 35,294Average AGI of young and rich households in the state: $388,643
9. Arizona
Net migration of young and rich households: 192Outflow of young and rich households: 802Inflow of young and rich households: 994Total young and rich tax returns filed: 10,992Average AGI of young and rich households in the state: $518,274
10. Nevada
Net migration of young and rich households: 162Outflow of young and rich households: 464Inflow of young and rich households: 626Total young and rich tax returns filed: 4,764Average AGI of young and rich households in the state: $731,304
