It used to be that the hundreds of thousands of Americans leaving blue states for places like Florida, South Carolina, and Arizona mainly were older Americans – retirees and near-retirees. We were told that dynamism and entrepreneurship were still found in places like New York City, San Francisco, and Chicago.
Except that the numbers don’t show that anymore. A survey conducted by SmartAsset tracked the movement of so-called “rich young professionals,” a group it described as anyone under 35 earning an income of at least $100,000.
Using IRS data from 2019 and 2020 tax returns, Smart Asset found that a NET of 16,000 upper-income young professionals has abandoned The Big Apple. In California – the technology capital of the world in the 1980s, ‘90s,and 2000s – the net outflow is 8,000.
The top states they are fleeing to are primarily Red States. It turns out, the future is now happening in Texas, Florida, and North Carolina.