Young professionals are generally staying close to home, according to new research. The Census Bureau and Harvard University recently found that 80% of young adults live less than 100 miles from where they grew up. Meanwhile, just 10% had moved more than 500 miles away. This means that while big cities like New York and Los Angeles have been millennial hotspots for years, the tides may be changing.
Households that make over $200,000 annually comprise just a sliver of all tax returns that are filed in a given year, but their movement between states can have a significant financial impact. When a state loses more high-earning tax filers than it gains in a given year, tax revenues may decline and the state’s fiscal situation may worsen. That’s why despite making up less than 7% of total tax returns filed across the 50 states and the District of Columbia in 2020, the migration patterns of high-earning households continue to make headlines.
Let’s face it. Running even a fledgling real estate empire is hard work. The only paperwork that’s fun is cashing those rent checks! Nonetheless, the end of the year is a great time to step back from all the wheeling and dealing and do some strategic planning for the New Year. In The E-Myth Revisited …