High-Income Earners Moving to Florida, Arizona, Texas and Moving Away from California, New York, and Illinois
Aug. 4, 2023, AUSTIN, TX – High-income earners across the United States are moving, and their chosen destinations provide revealing insights into their lifestyle trends. According to new research conducted by MyEListing.com, Florida, Texas, and Arizona are seeing some of the largest net positive tax income migrations, with $12.4 billion, $10.7 billion, and $9.4 billion, respectively.
Other states seeing large influxes of wealth include, in order from greatest to least:
- North Carolina;
- South Carolina;
- Utah; and
Conversely, California, New York, and Illinois are seeing some of the largest outflows of wealth in the nation, with -$343.2 million, -$299.6 million, and -$141.7 million respectively, thanks to high tax rates and expensive costs of living.
Other states seeing large outflows of wealth include, from most to least:
- New Jersey;
- Michigan; and
Ultimately, the data illustrates that the wealthy are relocating to regions with more favorable tax policies. The economic implications of such migrations stand to benefit the commercial real estate sector especially, as high-income earners “demand luxury housing, retail spaces, offices, and hospitality venues, potentially leading to rising property values and boosting already-booming construction activity.”
The labor market also stands to benefit from wealthy migrations. “Relocating high-income individuals often leads to expanding existing businesses or establishing new ones,” says the report. “As a result, the demand for office spaces, co-working spaces, and flex space could see significant growth, further bolstering the commercial real estate sector.”
You can read the complete report here: https://myelisting.com/commercial-real-estate-news/1639/great-wealth-migration-flow-of-high-income-earners-across-states/
MyEListing.com, a national commercial real estate marketplace and data platform, conducts weekly research on significant commercial real estate data. Users can sign up for free and get access to accurate local market intelligence, comp software, a national agent directory, and more. The site also supports other players in the industry, including NAI Global, Colliers, and Cushman & Wakefield.
Company Name: MyEListing.com
Contact Person: Maddie Peterson
Country: United States