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Rich, young Americans are still ditching NY, CA

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This article was originally published at StateOfUnion.org. Publications approved for syndication have permission to republish this article, such as Microsoft News, Yahoo News, Newsbreak, UltimateNewswire and others. To learn more about syndication opportunities, visit About Us.

High-income young Americans are leaving New York and California for states with cheaper homes and lower taxes.

The migration is impacting states’ job markets and economies.

Texas and Florida are gaining the most high-income young earners, while New York and California are experiencing net migration losses.

The tax rates and housing costs in these states are key factors driving the migration.

“Iconic hotspots California and New York saw the largest outflows of high-income young people,” according to the latest analysis of income and migration data from the Internal Revenue Service (IRS).

States without income taxes, like Florida and Texas, are proving attractive, with significantly lower housing costs compared to New York and California.

This trend suggests that opting for more affordable locations could be financially beneficial for individuals.

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