Where Wealth Is Moving in America
Data from the IRS and Realtor.com shows a significant migration of wealth from high-tax states like California and New York to Sun Belt states like Florida and Texas. High-income earners are increasingly relocating to areas with lower costs of living and tax burdens.
Why it matters
This trend illustrates the economic impact of domestic migration on state tax bases and local real estate markets in the United States.
Americans aren’t just moving, they’re bringing billions in wealth with them.
This map, via Visual Capitalist’s Dorothy Neufeld, visualizes net wealth migration by state in 2023, based on Realtor.com’s analysis of the latest data from the Internal Revenue Service.
Florida alone gained tens of billions in income from out-of-state residents. Meanwhile, states like California and New York saw massive outflows, highlighting how affordability is playing a central role in domestic migration trends.
Between 2019 and 2023, Florida saw $137 billion in net income flows from interstate moves, exceeding the GDP of Hawaii.
The annual adjusted gross income from these flows reached nearly $21 billion in 2023, more than the next five states combined.
These inflows aren’t just large—they’re high-income. Florida’s incoming residents had an average annual income of $122,530, meaning the state isn’t just gaining people, but higher-earning taxpayers who can significantly boost local economies.
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