Americans within the age group of 25-34 years old earn an average annual salary of $56,160, according to data compiled.
However, some young U.S. workers are making that figure several times over. Those that do are relocating en masse 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 26-35 earning more than $200,000 (nearly quadruple the national average)—to find out where they’re leaving and going. The results may surprise you.
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, the young high-earners who are vacating those states are often relocating to either Florida or Texas. Both Florida and Texas attracted more than double the young, rich households as any other state, with unprecedented net gains at 1,786 and 1,660, respectively, according to the data.
It is crucial to note that half of the states witnessing an influx of young, rich households have no state income tax, SmartAsset reported. These are the 10 states that SmartAsset says gained the most young and rich households and their respective financial information.
1. Florida
- Net migration of young and rich households: 1,786
- Outflow of young and rich households: 2,084
- Inflow of young and rich households: 3,870
- Total young and rich tax returns filed: 33,456
- Average AGI of young and rich households in the state: $526,273
2. Texas
- Net migration of young and rich households: 1,660
- Outflow of young and rich households: 3,376
- Inflow of young and rich households: 5,036
- Total young and rich tax returns filed: 65,904
- Average AGI of young and rich households in the state: $405,215
3. Colorado
- Net migration of young and rich households: 720
- Outflow of young and rich households: 1,417
- Inflow of young and rich households: 2,137
- Total young and rich tax returns filed: 19,911
- Average AGI of young and rich households in the state: $389,859
4. North Carolina
- Net migration of young and rich households: 521
- Outflow of young and rich households: 1,294
- Inflow of young and rich households: 1,815
- Total young and rich tax returns filed: 18,817
- Average AGI of young and rich households in the state: $375,057
5. Washington
- Net migration of young and rich households: 383
- Outflow of young and rich households: 3,088
- Inflow of young and rich households: 3,471
- Total young and rich tax returns filed: 50,509
- Average AGI of young and rich households in the state: $389,713
6. South Carolina
- Net migration of young and rich households: 372
- Outflow of young and rich households: 399
- Inflow of young and rich households: 771
- Total young and rich tax returns filed: 6,120
- Average AGI of young and rich households in the state: $370,613
7. Tennessee
- Net migration of young and rich households: 347
- Outflow of young and rich households: 704
- Inflow of young and rich households: 1,051
- Total young and rich tax returns filed: 10,438
- Average AGI of young and rich households in the state: $451,633
8. New Jersey
- Net migration of young and rich households: 300
- Outflow of young and rich households: 3,135
- Inflow of young and rich households: 3,435
- Total young and rich tax returns filed: 35,294
- Average AGI of young and rich households in the state: $388,643
9. Arizona
- Net migration of young and rich households: 192
- Outflow of young and rich households: 802
- Inflow of young and rich households: 994
- Total young and rich tax returns filed: 10,992
- Average AGI of young and rich households in the state: $518,274
10. Nevada
- Net migration of young and rich households: 162
- Outflow of young and rich households: 464
- Inflow of young and rich households: 626
- Total young and rich tax returns filed: 4,764
- Average AGI of young and rich households in the state:$731,304
