to trace Which states are America’s richest young professionals moving to?SmartAsset reviewed the most recent migration data from the Internal Revenue Service (IRS).
The financial site determined which states get the most young professionals, ages 26 to 35, earning at least $200,000 per year in adjusted gross income, based on the most recent publicly available IRS numbers for 2021.
“High income earners can account for a disproportionate amount of tax revenue. For people from 26 to 35 years old, only 2% of tax returns filed show income of $200,000 or more”, says the SmartAsset report. “Despite its small size, this cohort actually accounts for 16% of income for this age group, a huge tax base that can affect income. local businesses and government revenue”.
According to the information, Florida and Texas earn the most for high-income youthwhile New York and California lose the most.
Florida gained a total of 2,175 high-income earners ages 26-35 after accounting for both ins and outs, while Texas gained a net 1,909.
Despite the losses, New York (-5,062) and California (-4,495) still have the highest number of high-income youth of all states by a wide margin.
While top earners have generally left New Jersey, wealthy young people are flocking there. In all age groupsNew Jersey lost 2,617 high-income taxpayers in 2021. However, the state got 1,048 new rich young professionals in the same year. This was the most dramatic reversal of aggregate trends.
The highest income earners are the youngest in Washington. Whether compared to the wealthy population of all ages or to the population as a whole, Washington has a disproportionately large number of wealthy young people.
More than 13% of those who earn at least $200,000 in Washington are between the ages of 26 and 35.. The state with the second largest population in this cohort is California at 10%. New York, California, Massachusetts, and New Jersey also have particularly high rates of high-income youth.
Despite the losses, Washington DC continues to have a young and wealthy population. DC lost nearly 700 high-income tax filers ages 26 to 35, but still maintains a higher relative population than any state. More than 16% of people who earn more than $200,000 are in that age group..
To consult the complete list and details on the methodology used, enter here.
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