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Young people earning over $100K are “fleeing” CA and NY.

Oct 12 2022

Young people earning over $100K are “fleeing” CA and NY. Rich young professionals—anyone under 35 making $100k or more—are moving out of the states they’re known for populating. A SmartAsset survey found between 2019 and 2020 New York had a net outflow of 15,788, and California a net outflow of 7,960. The states they’re moving to, those with the highest net inflow, are largely those with more affordable housing. Texas and Florida are at the top of their list, perhaps because of their lack of income tax. Though it can’t be said for sure, the option of remote work may be part of the reason they’re moving away from these job-hub states. Without having to worry about making it to the office, these rich young professionals could go wherever they want and pay less to be there. YPulse’s What’s Next For Work? trend report shows 36% of young people in the U.S. making $80K or more were working from home full-time last year, and 10% who don’t work at a job site say they never want to go back to an office after the threat of COVID-19 is gone. (CNBC)