Wealthy millennials are fleeing California and New York and moving to Florida and Texas

Better working conditions, lesser tax burden and a lower cost of living are some of the factors motivating millennials, those born between 1981 and 1996, who earn more than $200,000 a year to leave states such as California, New York and Illinois and move to others such as Florida, Texas and North Carolina.

According to an analysis of tax returns for 2021 and 2022 by SmartAsset, Florida recorded the largest net increase in wealthy millennials during this period: 6,188. The Sunshine State was followed by Texas (5,151), North Carolina (1,970), Colorado (1,227) and Tennessee (1,197).

These are five states where census respondents in 2022 faced a tax burden of less than 10%. In more than half of the country, a higher portion of states' net product goes to taxes, according to data provided by the Tax Foundation.

On the other side of the scale is California. Despite having the largest increase in high-income millennials (14,139), the state governed by Gavin Newsom also had the largest reduction (23,320), resulting in a net loss of 9,181.

Behind The Golden State in net losses were New York (-4,251), Illinois (-3,163), Massachusetts (-1,927) and Pennsylvania (-609). These five states all faced a tax burden higher than 10% in 2022. New York's is the highest in the country at over 15%.

SmartAsset reflected in its analysis that the median income of millennials in the country is about $84,000 a year, a figure somewhat higher than the national median of $75,000.