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.
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Meanwhile, California lost 24,670 high-income households and New York lost 12,040 households. Other states that lost wealthy earners include Illinois, Massachusetts, New Jersey, Pennsylvania, Maryland, Virginia, Minnesota, and Washington.
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Kristen Smithberg
Kristen Smithberg is a Colorado-based freelance writer who covers commercial real estate, insurance, benefits and retirement topics for BenefitsPRO and other industry publications.
