Demographics & Migration

January 30, 2025As more people retire in a community, they change the dynamics within those local economies. This can mean that spending shifts: What was once spent on gasoline for the commute, or lunch out near the office may now be spent on more personal interests and expenses. Similarly, retirement trends can open up local jobs for… read more…

January 8, 2025In just one year, 5.49 million millennials moved to large U.S. cities. While about 73% of these transplants moved to a big city within their current state of residence, another 19% traversed states to start new – and nearly 8% came to these cities from abroad. Millennials are often in their prime earning years, and… read more…

December 12, 2024As baby boomers continue to retire in droves, they are likely to consider downsizing their living arrangements to accommodate their new lifestyles. While they have the highest portion of wealth among all generations, they may no longer need to pay to be close to work in a busy and expensive city center, or may no… read more…

November 14, 2024Declines in a community’s population can result in a decreased demand for businesses, housing and services. This could potentially lead to higher per capita costs among the remaining tax base for maintaining infrastructure and even the closure of local amenities. Additionally, an aging or shrinking population can affect the local job market and culture, among… read more…

November 7, 2024Population shifts in a community can bring about a variety of interwoven economic and social impacts. The magnitude of the population change can affect demand for businesses and services, which in turn may impact costs – or even the availability of such amenities. Similarly, the relative age of the population can determine the strength or… read more…

October 30, 2024South Carolina is attracting Americans from other states, with a net gain of nearly 33,000 households in just one year, according to the latest tax return data from the IRS. This accounts for 101,296 households that moved in, and 68,369 that moved out. Along with this population shift comes a shift in state income, and… read more…

October 22, 2024Florida is attracting lots of Americans. After accounting for households that moved out of the state, Florida gained 125,316 households from other states in the 2022 tax year. And most of the households coming in are bringing higher incomes than those leaving. This influx of new residents can give Florida economic momentum. With this in… read more…

October 16, 2024California welcomed 254,935 new residents from across the nation between 2021 and 2022. But, 399,138 Californians also moved out to other states during that same time. In total, the Golden State lost 143,554 households. Many people leaving California could have been incentivized by lower costs of living, lower taxes, less competitive housing markets and business… read more…

October 2, 2024While 615,000 people from the other 49 other states moved to Texas between 2021 and 2022, just over 441,000 Texans left. This change in population can affect the Lone Star state in different ways. Such population shifts have the potential to alter local dynamics in the job market, housing market, small business demand and even… read more…

September 17, 2024While the members of Gen Z haven’t had much time to move up the career ladder and accumulate wealth, some have broken out into the IRS’s “high-earners” territory early in their lives. This select group earns $200,000 or more per year, and due to their age and income, they may be more prone to moving… read more…

September 11, 2024Baby boomers are retiring in record numbers. Retirement often signals a major shift in a person’s life. Many retirees choose to downsize to a more manageable home or move to an affordable area to better stretch their fixed dollars. Others simply want to enjoy a different lifestyle with their newfound free time. These shifts in… read more…

August 27, 2024According to the Census Bureau, the median income in the U.S. is around $75,000, with Millennials earning higher than average at roughly $84,000 annually. But many Millennials eclipse the median, with some households bringing in more than $200,000 per year – earning the classification of “high earners” per the IRS. These Millennials in particular have… read more…

August 15, 2024Many affluent young people often relocate for better jobs, lifestyle upgrades and tax advantages, as well as new experiences, friendships and relationships. This can have an outsized effect on local economies and politics, specifically housing, employment and voting, among other important factors. With this in mind, SmartAsset used IRS data to rank states by the… read more…

August 1, 2024Gen Z is currently in the most difficult position of generational cohorts for buying homes. Low on the career ladder compared to their Millennial and Gen X counterparts, and without much time in the market for investments to compound, more affordable areas may trump locations favored by older generations, making way for a new wave… read more…

July 30, 2024When 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… read more…

July 16, 2024Millennials, born between 1981 and 1996, have positioned themselves as the largest cohort of homebuyers, outpacing both Baby Boomers and Gen Z. While many are purchasing homes to start or grow families, others are building equity or simply escaping rising rental costs. But the leap to buying a home can be easier or harder depending… read more…

June 18, 2024Jobs and other incentives have driven people in and out of cities for decades. But local economies can also be affected by birth rates and the size of families. From medical facilities and schools, to other institutions and businesses, these two factors can influence both job and housing markets. With this in mind, SmartAsset examined… read more…

May 2, 2024As people retire, their goals shift, often causing them to reconsider where they’re living and how they spend their money. Places with a high cost of living, high taxes and cold winters, for example, could influence retirees to move to warmer locations where they can stretch their retirement savings further and enjoy their free time.… read more…

January 17, 2024Many factors can drive net migrations to and from the four major U.S. regions. From remote work enabling greater mobility, to changes in industry, cost of living, taxes, new legislation and beyond. A big-picture understanding of migration can reveal how it affects infrastructure, voting trends, employment and other aspects of those regions. With this in… read more…

September 20, 2023When family and social dynamics change, it affects more than just culture. Business, government and society as a whole cater specifically to the needs and values of American households. Family values and attributes may also influence birth rate and population growth trends. Ultimately, emerging trends within American households live far beyond the four walls of… read more…

June 8, 2023With cost of living increases and high tax rates in cities like New York City, Chicago and San Francisco, high income earners are looking to take advantage of more affordable areas of the country for the sake of stretching a… read more…

April 4, 2023Fixed incomes can’t go as far for retirees with the current pressures from high inflation and a volatile stock market. For some, relocating to a cheaper or more tax-friendly part of the country may no longer be a matter of preference,… read more…

February 17, 2023Black Americans are the third-largest racial or ethnic group in the U.S., making up just over 12% of the population. But less than 3% of all businesses are Black-owned. Some places outperform others, however, when it comes to the prevalence, success, and financial health of Black-owned companies and business owners. In celebration and recognition of… read more…

February 2, 2023Nearly a quarter of the way through the 21st century, Black Americans continue to face significant financial inequality. In 2021, the median income of Black households was almost $23,000 less than the median income of all households nationally, according to Census Bureau data. And the income gap between Black and white households was even greater,… read more…

December 7, 2022While the youngest Gen Zers are age 10 today, the oldest of the generation are reaching their mid-20s and are growing their careers. By 2025, Gen Zers are expected to account for a quarter of the workforce in the U.S. Additionally, a recent survey by McKinsey shows that Gen Z workers are more likely to… read more…