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FLORIDA - A recent analysis by SmartAsset revealed that Florida and Texas experienced the highest net migration of wealthy households aged 26 to 35 in 2022 seeking a better quality of life.
According to SmartAsset, Florida saw a significant influx of 1,786 young households with an annual income of at least $200,000, securing the top spot in the ranking.
Texas followed closely behind, attracting more than double the number of young and rich households compared to any other state.
The data suggests that several factors contribute to the appeal of these states.
One key factor is their favorable tax policies.
Half of the states attracting the most young and wealthy households do not impose state income taxes, making them more financially attractive to high earners.
In contrast, states like California, which has notoriously high costs of living, have witnessed a significant outflow of young and wealthy residents.
California experienced a net loss of 3,226 households, followed by Illinois, Massachusetts, and New York.