Survey finds young rich people are leaving New York and California

Yuppies, or young urban professionals are packing up and leaving both New York and California for more favorable areas.

New research conducted by SmartAsset showed that many young professionals have chosen to leave behind New York and California to find somewhere more conducive to their lifestyle and businesses.

SmartAsset carried out the survey in September which aimed to study the movements of “rich young professionals.” Those polled were all aged 35 and under with a gross income above $100,000.

The survey studied the comings and goings of people who fall within this demographic in all 50 states along with the District of Columbia (DC) using Internal Revenue Service data to compare tax returns from 2019 and 2020.

The survey showed that New York was the hardest hit with a net loss of 15,788. California came in 2nd with a net loss of 7,960.

The survey showed that those who had left New York and California favoured states with less crime, a higher quality of life and lower taxes.

Texas and Florida were deemed to be the most appealing to young professionals as both states have no state income tax, both are more affordable and have the space for young families, and are seen as better states to run a business in. Texas had an inflow of 3,823 people while Florida had an inflow of 3,411.

Washington also had an inflow of 2,800 young professionals and was also chosen as the most affordable state for millennials.

“Red states are winning the war for talent in an ever-tightening labor market,” Andrew Crapuchettes, chief executive officer of RedBalloon, told the Epoch Times. “Blue states like California and New York are destroying their future by pushing out young professionals who want to build successful careers and businesses.”

“The lack of income tax in states like Florida and Texas is a key driver, but it is also just the tip of the iceberg. ‘Woke’ mandates during the pandemic and [afterward] have worn down the employee and entrepreneur confidence that they can thrive in blue states,” Crapuchettes went on to say.