In 2023, many Americans are moving to different states, bringing significant wealth with them. This shift is largely influenced by housing costs and living expenses, with states like Florida gaining wealth while others like California and New York are losing it.
1. Wealth Inflows and Outflows:
• Florida gained $137 billion in net income from 2019 to 2023, making it the state with the highest inflow, attracting high-income residents.
• In contrast, California lost $12 billion in 2023 alone, indicating a high outflow of wealth due to high housing costs and taxes.
2. Average Incomes:
• New residents in Florida had an average annual income of $122,530, demonstrating that the state is attracting high earners, thus boosting its economy.
3. Other States with Significant Changes:
• Texas followed Florida with $6 billion in inflows. North Carolina and South Carolina had $4 billion each, while Arizona and Tennessee each received $3 billion.
• States losing wealth besides California included New York (-$10 billion), Illinois (-$6 billion), and Massachusetts (-$4 billion).
4. Impact on Local Economies:
• The migration trends suggest a continued movement towards lower-cost, high-growth areas. States gaining wealth are also experiencing increased population growth and housing development.
• High cost of living in states like California and New York is a major factor driving residents to seek more affordable locations.
Overall, the migration patterns in the U. S. indicate a shift towards states with lower living costs, which could have long-lasting effects on state economies, tax revenues, and housing demands. If the current trends persist, states that are gaining wealth may significantly reshape economic dynamics in the coming years.
https://www.zerohedge.com/personal-finance/heres-where-wealth-moving-america
No comments:
Post a Comment