The results of the 2022 study, conducted by SmartAsset, found that rich young professionals are largely leaving the Democrat-run states of New York and California and moving to Republican-run Texas and Florida. New York experienced the highest net outflow of young rich professionals of any other state in 2020. This study defines “young rich professionals” as those under the age of 35 whose income is at least $100,000.
Between 2019 and 2020, nearly 28,700 high-earning young professionals left New York, while only 13,000 moved there. This means that the state saw a net outflow of about 15,800 rich professionals. As rent is sky-high, and crime rates are soaring, the Empire State is no longer a desirable place to live for many millennials.
The state with the second-highest net outflow was California, where 28,528 high-earning young professionals moved out, and only 20,568 moved in.
Illinois, another Dem-run state, has experienced a net outflow of 2,859 under-35 workers. The state has also suffered from several major companies moving their headquarters out of Chicago due to the rising crime rates.
Washington, D.C. has also been losing rich young professionals, seeing a net outflow of 2,074. Relative to its population, D.C. saw the greatest loss of young professionals in 2020.
Over the same period of time, Texas gained the most wealthy millennials of any other state, with 15,000 under-35 professionals moving to the state, and only 11,200 moving out.
The state with the second-highest net inflow rate is Florida, which welcomed about 3,400 rich young professionals in 2020.
Brookings Institution conducted a similar study in 2022, and the results found that Republican-run states recovered more quickly from the pandemic than Dem-run states. In the last two-and-a-half years, red states added 341,000 jobs.
Over the same period, blue states lost a whopping 1.3 million jobs.
