Rich People Are Moving Out Of New York State And Moving To These 5 States
According to a new 2022 study, rich people are moving out of New York State at an alarming rate. SmartAsset.com studied where high-income households are moving to and from in the United States. Households are considered high-income earners if they make more than $200,000 per year. While they only make up a small percentage of tax filings - 7 percent across all 50 states and the District of Columbia - their impact on state budgets can be huge,
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.
New York saw a net outflow of nearly 20,000 high-earning households in 2020, more than any state in our study.
SmartAsset.com Key Findings From 2020:
- Eight of the states that have the highest numbers of rich people moving in are located in Sun Belt states.
- High-earners are moving to states with no income tax.
- D.C. is home to the largest proportion of high-earners. West Virginia has the smallest proportion of high-earners.
How Many Rich People Moved Out Of New York And Where Are Rich People Moving To?
New York saw a net outflow of nearly 20,000 high-earning households in 2020, more than any state in our study. While the Empire State gained 9,650 such households, it lost a whopping 29,562 in the same year. California wasn’t far behind, losing a net figure of 19,229 high-earning filers.
These 5 States Had The Most High-Earners Moving To Them:
5. South Carolina - 3,967
4. North Carolina - 4,713
3. Arizona - 5,268
2. Texas - 5,356
1. Florida - 20,263