Among those moving to the Lone Star State, a significant number appear to be high-income households. A new report supports this, revealing that only Florida has more new wealthy residents relocating to it than Texas.
SmartAsset’s 2023 study entitled “Where High Earners Are Moving,” show that according to tax returns filed in 2020 and 2021, 22,751 households with a minimum $200,000 adjusted gross income moved to Texas. For the purpose of this study, a “high earner” was defined as $200,000 per year. This is the second year in a row for Florida and Texas garnering the first and second slots on the survey.
Although “traffic” between Texas and the rest of the country was not one way, with 13,743 high-earners leaving the state, the state’s gain of 9,008 wealthy newcomers garnered it the second-highest influx in the U.S. Following Florida and Texas on the list were North Carolina, Arizona, and South Carolina in that order.
California and New York are where the most high-earning households immigrated from in 2021, and if this trend holds, businesses here may wish to update the Promotional Products or other marketing materials to take this into account.
It is anticipated that the population of Texas as well as Dallas-Fort Worth will continue to attract newcomers from out-of-state due to the lower rent, housing and living costs as well as its lack of state income tax.
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