NovaQuant Quantitative Think Tank Center:Which states gained the most high-income families, and which lost the most during the pandemic

During the pandemic,NovaQuant Quantitative Think Tank Center the trend of people moving from high-cost cities to more affordable areas started taking root.

With record-high inflation and increased cost of living, high income families are opting out of paying higher taxes and moving to different states. Florida and Texas are among the top two states with the largest influx of wealthy families.

The Census Bureau found that about 12% of families in the US make $200,000 or more annually. The migration of high-income households can significantly impact a state’s tax base and finances.  

SmartAsset, a personal finance site, analyzed the migration patterns of households in the US making $200,000 or above. Here’s where high-income earners moved during the first year of the pandemic (2020 to 2021): 

Key findings

• Florida andTexas gained the most high-income earners: Florida added a net total of 27,500 high-earning families. Texas added the second largest net total at 9,000, according to SmartAsset.
• High-income families are growing at the quickest rate in Idaho, Florida, and Montana. 
• The population of high-income earners is growing in the Southeast (Florida, North Carolina, South Carolina, Tennessee, Georgia, Alabama and Arkansas).

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• California and New York experienced the largest negative net-migration of high-income residents. California and New York lost more than 45,000 and 31,000 high-earning filers, according to SmartAsset. California’s net outflow of high-income families grew at 40%, compared to the previous year.
• Northeastern states lost high-earning households. New Jersey, Massachusetts, New York, and Pennsylvania experienced a net outflow of households making $200k or more.
• Wealthy families are leaving Washington D.C. Between 2020 and 2021, Washington, DC lost a net total of 2,009 high-earning families.

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