Wealthy Millennials Flocking to Texas and Florida as New York Loses Appeal

Great job, New York — you’re driving out rich millennials along with everyone else!

Per a new Smart Asset analysis, New York was second in the nation when it came to making things so uncomfortable even younger people with plenty of household income (at least $200,000) have to leave.

New York hemorrhaged this crucial demo, seeing a net loss of 4,251 households.

First place went to California with a net loss of 9,181, but under the economic management of progressives in Albany and on New York City’s own legislature, count on the Empire State to take the top spot soon.

And guess which states are benefiting?

That’s right: Florida and Texas, which saw net gains in this demo of 6,188 and 5,151 respectively.

At the macro level, this should not come as a surprise at all.

New York has been losing out economically to redder southern states for years.

Residents fleeing crime, sky-high taxes and insane regulatory environment have found greener pastures under low-tax, pro-biz, anti-crime governors like Florida’s Ron DeSantis and Texas’ Greg Abbott.

To take just one topline figure, Florida’s unemployment rate is a sunny 3.3%, far better than New York’s 4.4% — and way better than the 5% overall rate seen in utterly anemic New York City.

And that’s to say nothing of housing being more affordable in both states.

Yet the loss of younger folks with money spells big trouble for New York’s economy — and government finances — down the road.

One notable wrinkle: Both Texas and Florida are red states with red-state policies on social issues like DEI.

And rich millennials, in theory, support all kinds of woke nonsense.

Guess money talks and the anti-woke walk.

Thanks to New York’s mindless commitment to progressive ideology on the economy and social issues, we’re losing out big time.