Young, Wealthy Americans Flee High-Tax States for Cheaper Housing and Taxes in Florida and Texas
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Rich young Americans still leaving NY and CA for cheaper states like TX and FL
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Top reasons are lower taxes and housing costs compared to NY and CA
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TX and FL gained the most high-income young migrants in 2021
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NJ and CT also gained young people, reversing previous trends
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While small, this group brings investment and benefits local economies
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Nine states have no income tax, while NY and CA have high top rates
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Home prices are 90% higher in CA versus FL, over 2X higher than TX
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Lower costs let young earners keep more of their high salaries
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National median home price hit record $430K in Q3 2022