It's hard not to see the appeal of the Sunshine State, and young and rich Americans don't want to miss out.
According to a SmartAsset analysis of IRS data, Florida was the state with the highest net migration of wealthy Americans from ages 26 to 35 with a net gain of 1,786 young households earning at least $200,000 in 2022.
And in the ranking of states that gained the most young and rich households, Texas took the number two spot.
In fact, these two states attract more than double of these households as any other state, the data shows.
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And if you're wondering why, it's worth noting that half of states attracting the most young and rich households don’t charge state income tax, SmartAsset reports. Meanwhile, the states they're leaving, like California, have notoriously high costs of living.
California lost the most young and rich households with a net loss of 3,226. It was followed by Illinois with a net loss of 1,323 households, Massachusetts with 1,102 households, and New York with a net loss of 345.
It's important to note, however, that the migration happens at a much larger scale in California than Florida. The Golden State brought in over 7,400 households, but lost over 10,600. Florida by comparison only lost 2,084 households, but only brought in 3,870.
