High-earning households are moving away from New York and California to markets including Florida, Texas, the Carolinas and even Wyoming. This is according to a SmartAsset examination of the latest IRS data to find where households earning $200,000 or more per year are moving and taking their money with them.
According to the study, Florida gained nearly 30,000 high-income households, topping the list of destinations where high-income households are moving. Texas ranked second with more than 8,200 new high-earning households. North Carolina and South Carolina ranked third and fourth for most, with a net gain of 5,792 and 5,270 households, respectively. The average household income of those households moving in is $456,000 for North Carolina and $501,000 for South Carolina.
High-income households moving into Wyoming, which ranked 21st overall with 316 new high-income households, had triple the income of those moving out compared with the states above, averaging $1.6 million per year verus $535,000 for those leaving the state.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.