It's an East and West Coast movement as many New Yorkers and Californians’ are ditching the high-cost states and heading down to less costly states such as the popular state of Florida.
Both states noticed a massive exodus in 2021, when a majority of people with high [income] during the pandemic left.
SmartAsset’s new study stated that a financial information provider. And, not shockingly, Florida and Texas led the list of states seeing an influx of people earning at least $200,000 a year before taxes.
“There’s a correlation between cost of living and migration,” said Jaclyn DeJohn, managing editor of economic analysis at SmartAsset.
“High-income earners tend to have more flexibility for how and where they operate.”