Americans appear to be fleeing the taxman. As we reported in early 2022, many people are fleeing high-tax states for low-tax havens.
Recently, financial website SmartAsset looked at inflow and outflow patterns of tax filers who made at least $200,000 between 2019 and 2020. It found that wealthy people primarily are moving to states that have low or no state income taxes — and happen to be concentrated in the Sun Belt.
Following are the states that have attracted the biggest numbers of new residents who make at least $200,000 annually.
1. Florida
State’s net gain of high-earning households: 20,263
Everybody wants to move to Florida these days. That fact has caused housing values to explode.
Sunshine State cities make up six of the “20 Housing Markets Overvalued by More Than 50%.”
2. Texas
State’s net gain of high-earning households: 5,356
Nobody ever does anything small in Texas, so people with big incomes should feel welcome here. Even foreign homebuyers can’t get enough of the Lone Star State.
3. Arizona
State’s net gain of high-earning households: 5,268
Wealthy folks clearly gravitate toward warmer climes, as Arizona is the third state with temperate weather to make this list.
The state’s biggest city — Phoenix — also made the list of “10 Cities Where Remote Workers Drove Up Home Prices.”
The rest of the list
Other states that round out the top 10 of those with the largest net gains in wealthy residents are:
- North Carolina (4,713)
- South Carolina (3,967)
- Tennessee (2,743)
- Colorado (2,624)
- Nevada (2,331)
- Idaho (2,055)
- Utah (1,503)
Planning to buy a home of your own in a new state? Stop by the Money Talks News Solutions Center and search for a great mortgage rate.
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