Few would argue that households that make over $200,000 per year are in the minority since the average household income in Florida was $57,703 in 2020, according to the United States Census. Still, these households are arguably important to the states where they reside, as they bring in tax revenue and may help to bring income to the local economy.
Determining Where High-Earning Households are Moving From and To: The website SmartAsset recently attempted to find out where states with the most movement of high-earning households were located. To accomplish this, they looked at tax filers making at least $200,000 per year and then looked at their inflow/outflow movement.
What Did the Data Show?: SmartAsset's analysis showed that six of the top ten states for net migration of earners making at least $200,000 per year were in the Sun Belt section of the United States. 9 of the top 10 states did not have a state income tax. And the state with the largest percentage of $200,000 per year earners was Washington, D.C.
How Did Florida Fare?: Florida did very well, coming in at number one for net migration of these high earners. In fact, Florida easily came in first, gaining 32,019 high-earning households in 2020.
In comparison, Texas - which came in 2nd - saw about a 18,417 increase in high-income earners making at least $200,000. Arizona, North Carolina and South Carolina were the 3rd, 4th, and 5th places.
Where Were the High-Earners Coming From?: Now that we know that Florida and Texas took in the majority of top-income earners, where were they coming from? Most came from highly taxed states, according to SmartAsset. Specifically, they came from New York, California, Illinois, and Virginia in that order. New York saw a net outflow of nearly 20,000 high-earning residents.
It is hard to say how residents of these states might feel about these in and out migrations. While it's arguably beneficial for a state to get additional tax revenues and a boost to the economy, more residents also mean more demand for resources and housing. And, in the state of Florida, increased housing costs are straining many Florida households.
Political differences can also arguably come into play. In West Palm Beach in early 2022, someone put flyers on cars with New York plates indicating that "woke" New Yorkers should "stay out of Florida." It was not clear who published and distributed the flyers.
Not everyone feels this way, however. A Florida resident named Landra told Fox News:
"I feel like people should be welcomed rather than disregarded like that and being told they can’t come down here. Everyone should be welcome anywhere as long as they aren’t causing anyone any harm."
Regardless of how one feels about the migration, it doesn't appear to be slowing down dramatically in Florida. June 2022 data from Redfin, a real estate website, showed that Tampa and Miami, Florida are both top moving spots for people looking to relocate.