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Thousands of wealthy young professionals have fled New York, California and Illinois for low-tax havens like Texas and Florida, according to a study.
The research by SmartAsset examined inflow and outflow of workers under the age of 35 who earn $100,000 per year, utilizing Internal Revenue Service data and tax returns from 2019 and 2020.
New York had the largest net outflow of young professionals. A whopping 28,741 moved out, while 12,953 moved to the state.
California, Illinois, Massachusetts, and the District of Columbia also saw significant numbers of wealthy young workers moving out.
The most popular choices for these relocating professionals were Texas and Florida, described as “low tax havens”.
However, favorable tax conditions and political choices may not be the only reasons behind this mass migration.
The pandemic-era closure of offices and the largescale switch to remote work prompted many people to take advantage of the situation and relocate for personal reasons, such as warmer climates or the opportunity to move closer to family.
Cheaper housing, less dense populations, and lower cost of living also prompted many people to uproot.
As many organizations look set to make remote work a permanent part of their future workplace strategy, these mass migrations could well become a major part of the future of work as people seek to improve their overall work-life balance.
