Where High-Earning Households Are Moving

When high earners move, they take their money with them. And because their budgets are much larger than most of the population, they can have an outsized effect on the local economy. Thus, states that attract high-earning households can gain an economic advantage over others. Many factors could drive high earners to move across state borders, including business opportunities, tax incentives and other conveniences.

With this in mind, SmartAsset examined the latest IRS data to find where households earning $200,000 annually or more are moving.

Key Findings

Florida gained nearly 30,000 high-income households. Florida is the top state where high-income households are moving to with 29,771 net new returns. Texas ranks second for this metric, with a net addition of 8,260 high-earning households.
Money is moving to the Carolinas. North Carolina and South Carolina ranked third and fourth for most high-earning households moving in, with a net gain of 5,792 and 5,270 households, respectively. The average household income of high-earning households moving in is $456,000 for North Carolina and $501,000 for South Carolina.
California and New York lost the most high earners. California ranked last for the net number of high earners moving into the state, with a total loss of 24,670 high income households. While New York lost the second-most high-earning households, its figure is less than half of California’s loss, at -12,040 households. However, the high earners who did move into California and New York this time had a higher average adjusted gross income (AGI) than those who left.
Fresh high-income transplants to Wyoming make nearly $1.6 million per year. The income of high-income households moving into Wyoming was just about triple that of those moving out ($535,000). The state ranked 21st overall with a net gain of 316 high-income households.

10 States That Gained the Most High Income Households

Florida

Net inflow of high-earning households: 29,771
Inflow of high earners (number of returns): 46,874
Outflow of high earners (number of returns): 17,103
Household income (AGI) for high earners moving in: $907,013
Household income (AGI) for high earners moving out: $294,189

Texas

Net inflow of high-earning households: 8,260
Inflow of high earners (number of returns): 25,931
Outflow of high earners (number of returns): 17,671
Household income (AGI) for high earners moving in: $579,207
Household income (AGI) for high earners moving out: $370,986

North Carolina

Net inflow of high-earning households: 5,792
Inflow of high earners (number of returns): 13,430
Outflow of high earners (number of returns): 7,638
Household income (AGI) for high earners moving in: $456,384
Household income (AGI) for high earners moving out: $299,005

South Carolina

Net inflow of high-earning households: 5,270
Inflow of high earners (number of returns): 8,695
Outflow of high earners (number of returns): 3,425
Household income (AGI) for high earners moving in: $501,205
Household income (AGI) for high earners moving out: $197,386

Arizona

Net inflow of high-earning households: 4,365
Inflow of high earners (number of returns): 11,041
Outflow of high earners (number of returns): 6,676
Household income (AGI) for high earners moving in: $561,112
Household income (AGI) for high earners moving out: $328,474

Tennessee

Net inflow of high-earning households: 4,320
Inflow of high earners (number of returns): 8,786
Outflow of high earners (number of returns): 4,466
Household income (AGI) for high earners moving in: $586,256
Household income (AGI) for high earners moving out: $268,316

Nevada

Net inflow of high-earning households: 2,589
Inflow of high earners (number of returns): 6,118
Outflow of high earners (number of returns): 3,529
Household income (AGI) for high earners moving in: $845,035
Household income (AGI) for high earners moving out: $425,702

Idaho

Net inflow of high-earning households: 2,113
Inflow of high earners (number of returns): 3,540
Outflow of high earners (number of returns): 1,427
Household income (AGI) for high earners moving in: $494,497
Household income (AGI) for high earners moving out: $190,606

Colorado

Net inflow of high-earning households: 1,403
Inflow of high earners (number of returns): 10,026
Outflow of high earners (number of returns): 8,623
Household income (AGI) for high earners moving in: $590,626
Household income (AGI) for high earners moving out: $464,352

New Hampshire

Net inflow of high-earning households: 1,104
Inflow of high earners (number of returns): 2,981
Outflow of high earners (number of returns): 1,877
Household income (AGI) for high earners moving in: $619,679
Household income (AGI) for high earners moving out: $387,142

10 States That Lost the Most High Incomes Households

California

Net outflow of high-earning households: -24,670
Outflow of high earners (number of returns): 48,875
Inflow of high earners (number of returns): 24,205
Household income (AGI) for high earners moving out: $1,303,439
Household income (AGI) for high earners moving in: $638,597

New York

Net outflow of high-earning households: -12,040
Outflow of high earners (number of returns): 29,869
Inflow of high earners (number of returns): 17,829
Household income (AGI) for high earners moving out: $1,194,676
Household income (AGI) for high earners moving in: $719,123

Illinois

Net outflow of high-earning households: -9,292
Outflow of high earners (number of returns): 16,363
Inflow of high earners (number of returns): 7,071
Household income (AGI) for high earners moving out: $1,582,754
Household income (AGI) for high earners moving in: $575,810

Massachusetts

Net outflow of high-earning households: -4,392
Outflow of high earners (number of returns): 11,810
Inflow of high earners (number of returns): 7,418
Household income (AGI) for high earners moving out: $990,970
Household income (AGI) for high earners moving in: $701,116

New Jersey

Net outflow of high-earning households: -3,863
Outflow of high earners (number of returns): 15,661
Inflow of high earners (number of returns): 11,798
Household income (AGI) for high earners moving out: $892,971
Household income (AGI) for high earners moving in: $533,027

Pennsylvania

Net outflow of high-earning households: -2,417
Outflow of high earners (number of returns): 10,950
Inflow of high earners (number of returns): 8,533
Household income (AGI) for high earners moving out: $734,519
Household income (AGI) for high earners moving in: $515,809

Maryland

Net outflow of high-earning households: -2,375
Outflow of high earners (number of returns): 8,675
Inflow of high earners (number of returns): 6,300
Household income (AGI) for high earners moving out: $723,818
Household income (AGI) for high earners moving in: $466,009

Virginia

Net outflow of high-earning households: -2,375
Outflow of high earners (number of returns): 12,691
Inflow of high earners (number of returns): 10,316
Household income (AGI) for high earners moving out: $588,569
Household income (AGI) for high earners moving in: $436,370

Minnesota

Net outflow of high-earning households: -1,784
Outflow of high earners (number of returns): 4,929
Inflow of high earners (number of returns): 3,145
Household income (AGI) for high earners moving out: $950,019
Household income (AGI) for high earners moving in: $450,349

Washington

Net outflow of high-earning households: -1,579
Outflow of high earners (number of returns): 13,393
Inflow of high earners (number of returns): 11,814
Household income (AGI) for high earners moving out: $682,803
Household income (AGI) for high earners moving in: $521,041

Data and Methodology

To determine where high-earning households are moving, SmartAsset examined the latest IRS data, which comes from the 2021-2022 tax year. High-earning households as those with adjusted gross incomes of $200,000 or more. The inflow of qualifying households in each state were compared to the outflows to determine net migration of high-earning households. The average AGI for high-earning households who moved during this tax year was also examined for each segment.

Where High-Earning Households Are Moving – 2024 Study