Wealthy Millennials Flee California and New York for Texas and Florida

High-earning young adults are moving to states with lower taxes and cost of living, impacting local economies.

A recent SmartAsset analysis reveals that wealthy millennials are leaving California and New York in large numbers.
California experienced a net loss of 9,181 wealthy millennial households, while New York saw a net loss of 4,251.
Florida and Texas have gained the most, with net increases of 6,188 and 5,151 wealthy millennial households, respectively.
The high cost of living, taxes, and regulatory environments in California and New York are driving these relocations.
The migration of high-earning millennials is expected to have significant economic impacts on both the states they leave and those they move to.