Florida has long been a popular destination for retirees, but in recent years, the state has also become a magnet for affluent young Americans. According to a recent study by SmartAsset, Florida was the top state for net migration of young professionals ages 26 to 35 who earn at least $200,000 per year. Not surprisingly, New York and California are the two states that have lost the most residents aged 26 to 35. Although the reasons for moving to Florida may seem obvious to most, we discuss the most common reasons below.
Top reasons for moving to Florida
- No state income tax. This is a major financial incentive for high-income earners.
- Warm weather and beaches. Florida has a mild climate year-round, which is appealing to many people. The state also has many beautiful beaches, which are a major draw for tourists and residents alike.
- Low cost of living. The cost of living in Florida is generally lower than in other parts of the country. This can save affluent young professionals a significant amount of money.
- Growing economy. Florida’s economy is growing, which means there are more job opportunities available. This is attractive to young professionals who are looking to start their careers or advance their careers.
- Diverse job market. Florida has a diverse job market, which means there are opportunities for young professionals in a variety of fields. This makes it a good place to find a job that is a good fit for your skills and interests.
- Freedom. While other states implemented restrictive lock downs during the pandemic, Florida allowed for more freedom while also monitoring the spread of the virus. Moving forward, we still see some restrictive remnants from the pandemic in other states. In the end, most Americans desire to have their freedom to make their own educated decisions on various matters. This was more allowable in The Sunshine State.
Top states affluent young professionals are moving to
- #1. Florida: Florida had a net gain of 2,175 high-earning tax filers between the ages of 26 and 35.
- #2. Texas: Texas had a net gain of 1,909 high-earning tax filers between the ages of 26 and 35.
- #3. New Jersey: New Jersey had a net gain of 1,048 high-earning tax filers between the ages of 26 and 35.
- #4. Colorado: Colorado had a net gain of 754 high-earning tax filers between the ages of 26 and 35.
- #5. North Carolina: North Carolina had a net gain of 721 high-earning tax filers between the ages of 26 and 35.
Summary
Although an income of $200,000 is considered to be impressive, it is estimated that about a quarter of earners in this income bracket are living paycheck to paycheck. Needless to say, the allure of no state income tax combined with the tropical weather make moving to Florida a popular idea.
Are you thinking about moving to Florida? We can help! Contact Natasha at Live South Florida Realty, Inc. today! Also, be sure to download our free Florida Home Search app for your smartphone or tablet.
