Young rich New Jerseyans are heading to Florida, and it is not for spring break

Young rich New Jersey millennials are heading to Florida, a few millennials are heading to Texas. It is the largest migration of young rich millennials ever recorded.

When we think of Florida, we think of golf carts, retirement communities and double wides. Sure, there are many affluent sections of Florida but years ago, except for Miami, you could not find any young well-to-do adults. They wanted no part of Florida other than a trip for spring break to Daytona or Ft. Lauderdale.

According to statistics from SmartAsset analysis of IRS data, the net migration in 2022 of young adults with income over $200,000 a year showed that over 1700 left and moved to Florida. The study also showed that over 1600 moved to Texas.

When asked why they moved to Florida, the primary responses were the lower cost of living and enjoyable weather. Taxes, property costs and costs of living are significantly lower in Florida and Texas than New Jersey and New York. One respondent said that an additional factor of moving was she could have more space, she felt too cramped and congested.

The numbers for 2023 look like they will be higher, as there is more leniency into the “work at home” from corporations which are allowing employees to work from any location.

California was most affected with over 3200 young adults heading out and moving to Florida or Texas. The primary reason again for the move out of California was the significant cost of groceries, housing, and insurance.

San Francisco young rich adults left because of the exorbitant housing costs which are 50-60% higher than the average price of Florida homes.

The bottom line is that money goes further in Florida than it does here in the Garden State, New York, or California. So, the next time your adult says I’m moving out, they are probably heading to Florida or Texas.

The post above reflects the thoughts and observations of New Jersey 101.5 weekend host Big Joe Henry. Any opinions expressed are Big Joe’s own.

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