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Florida is the No. 1 state bringing in and keeping the young and rich, new IRS report finds

Florida is shedding its reputation as just a retirement destination, attracting a younger and more affluent crowd, according to recent data by SmartAsset. The analysis of 2021 IRS data shows that Florida is the top state for net migration of professionals aged 26 to 35 earning at least $200,000 annually, boasting a net gain of 2,175 individuals.

Florida is the No. 1 state bringing in and keeping the young and rich, new IRS report finds

Texas also saw a significant influx of this demographic, attracting 4,048 young, high-earning professionals. However, it also experienced an outflow, resulting in a net migration gain of 1,909. Interestingly, New Jersey reversed its trend of losing wealthy residents, gaining 1,048 young professionals.

The lure for these young, affluent individuals extends beyond Florida's beaches to include emerging tech cities like Miami. Additionally, the absence of state income tax in Florida and Texas stands as a significant draw.

In contrast, New Jersey offers the benefit of close proximity to New York City's career and social opportunities, coupled with the option for more affordable suburban living.

While New York and California still attract a high number of young, high-earning individuals, they also see a greater number leaving, putting them lower in terms of net migration. Overall, the migration patterns of the young and wealthy are shifting, with states like Florida, Texas, and New Jersey becoming increasingly appealing.

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