Rich young Americans are leaving New York and California, here's why

California and New York had the largest net migration losses in 2022, which stood at -343,230 and -299,557 people respectively.

Life is very dynamic and so are people's aspirations, needs and priorities. With time, age and due to circumstances, people eventually figure out what things they want in their lives including their place of stay & work and make the move accordingly. According to a report by moneywise.com, rich young professionals are leaving California and New York and moving to other places across the United States.

New York City (AFP)

According to data from the National Association of Realtors (NAR) published in January, California and New York had the largest net migration losses in 2022, which stood at -343,230 and -299,557 people respectively.

The reason for this migration is the extremely high cost of living in California and New York. Another reason behind the migration, is the people's preference to work from or near their homes. According to a 2022 analysis by the Census Bureau and Harvard University, 80% of young adults live less than 100 miles from where they grew up.

Here are the places which are attracting the rich young professionals

Texas

According to data from the NAR, there was an influx of 230,961 people who made the state their new home in 2022. Lack of income tax in the state, is a huge lure for the people.

Florida

The tax burden in Florida is one of the lowest in the country. According to the NAR, at 318,855 people, the state had the highest net migration gain in 2022. According to SmartAsset, there was a net inflow of 3,400 wealthy young professionals in the state.

Colorado

Great job opportunities, nice weather and amazing options for outdoor activities are the plus points for the state. According to the Smart Asset study, Colorado saw a net inflow of 2,641 young professionals.