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The average annual income for Americans ages 25 to 34 is $56,160. Market Watch Guide.
But some young American workers are earning many times that amount and are migrating to places where their money can be put to better use.
Financial Technology Company Smart Assets Pulling from IRS data, we ranked states by the net inflow of “young, affluent” households ages 26 to 35 making more than $200,000 a year, then looked at where they were leaving and where they were going.
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According to the study, California will experience an outflow of more than 3,000 young and wealthy households in 2022. Illinois will have the second-highest outflow, with 1,323 people.
Meanwhile, high-income young people are moving to Florida and Texas, which are attracting more than twice as many young, affluent households as any other state, with a net gain of 1,786 and 1,660 households, respectively, according to the data.
Half of the states seeing an influx of young, wealthy families have no state income tax, SmartAsset reported.
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See SmartAsset’s complete ranking of the top 10 states with the biggest gains for young, affluent households below.
1. Florida
- Net in-migration of young and wealthy households: 1,786
- Outflow of young and wealthy households: 2,084
- Inflow of young and wealthy households: 3,870
- Total number of young and wealthy tax returns: 33,456
- Average AGI for young and wealthy households in the state: $526,273
2. Texas
- Net in-migration of young and wealthy households: 1,660
- Outflow of young and wealthy households: 3,376
- Inflow of young and wealthy households: 5,036
- Total number of young and wealthy tax return filers: 65,904
- Average AGI for young and wealthy households in the state: $405,215
3. Colorado
- Net migration of young and wealthy households: 720
- Outflow of young and wealthy households: 1,417
- Inflow of young and wealthy households: 2,137
- Total number of young and wealthy tax return filers: 19,911
- Average AGI for young and wealthy households in the state: $389,859
4. North Carolina
- Net migration of young and wealthy households: 521
- Outflow of young and wealthy households: 1,294
- Inflow of young and wealthy households: 1,815
- Total number of young and wealthy tax return filers: 18,817
- Average AGI for young and wealthy households in the state: $375,057
5. Washington
- Net migration of young and wealthy households: 383
- Outflow of young and wealthy households: 3,088
- Inflow of young and wealthy households: 3,471
- Total number of young and wealthy tax return filers: 50,509
- Average AGI for young and wealthy households in the state: $389,713
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6. South Carolina
- Net migration of young and wealthy households: 372
- Outflow of young and wealthy households: 399
- Influx of young and wealthy households: 771
- Total number of young and wealthy tax return filers: 6,120
- Average AGI for young and wealthy households in the state: $370,613
7. Tennessee
- Net migration of young and wealthy households: 347
- Outflow of young and wealthy households: 704
- Inflow of young and wealthy households: 1,051
- Total young and wealthy tax returns: 10,438
- Average AGI for young and wealthy households in the state: $451,633
8. New Jersey
- Net migration of young and wealthy households: 300
- Outflow of young and wealthy households: 3,135
- Inflow of young and wealthy households: 3,435
- Total number of young and wealthy tax return filers: 35,294
- Average AGI for young and wealthy households in the state: $388,643
9. Arizona
- Net migration of young and wealthy households: 192
- Outflow of young and wealthy households: 802
- Inflow of young and wealthy households: 994
- Total young and wealthy tax returns: 10,992
- Average AGI for young and wealthy households in the state: $518,274
10. Nevada
- Net migration of young and wealthy households: 162
- Outmigration of young and wealthy households: 464
- Inflow of young and wealthy households: 626
- Total number of young and wealthy tax return filers: 4,764
- Average AGI for young and wealthy households in the state: $731,304
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