While conventional wisdom might suggest most move to sun-soaked southern states, the reality is more nuanced than that. Florida does make a showing, but the list of top destinations for wealthy transplants spans much of the U.S.
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According to CNBC, the Deltona-Daytona Beach-Ormond Beach metro area in Florida tops the list, with a 171% net growth in high-income residents in 2023.
The College Station area in Texas – home to Texas A&M University – claimed the second spot with a 132% increase in wealthy residents.
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California, which has lost residents recently, also made the list. The Santa Maria metro area ranked third, with a 127% net growth in high-income households.
Florida made a second appearance on the list, with the North Port-Sarasota-Bradenton area seeing a 68% increase.
The Midwest also ranked, with Ann Arbor, Michigan – home to the University of Michigan – grabbing fifth place. The college town saw a 63% net growth in high-earners in 2023.
Rounding out the top 10 are:
– Provo, Utah (40% increase)
– Akron, Ohio (35% increase)
– Austin, Texas (34% increase)
– Knoxville, Tennessee (33% increase)
– Fresno, California (32% increase)
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Those migration patterns don't necessarily align with overall moving trends, though. CNBC's analysis found that households in the top 20% of earners were the least likely to move in 2023, with only 6.5% relocating compared to 9% of those in the bottom 20%.
Of the high-earners who moved, 53% stayed within the same county. However, when they did venture out, they were more likely than lower-income groups to cross state lines, with 19% of wealthy movers relocating to a different state.
And the motivations behind the moves vary. While middle-class Americans often cited cheaper housing as a reason to relocate, it was a factor for only 6% of high-income movers. Instead, 18% of wealthy movers relocated for new or better housing. Career opportunities also played a role, with 12% of high-earners moving for a new job or transfer.
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While an influx of high-earning residents can boost local businesses and tax bases, it may also exacerbate housing affordability issues for longtime residents. With remote work continuing to offer flexibility and economic uncertainties persisting, the migration patterns of America's wealthiest may continue to evolve and impact local communities.
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This article Where America's Wealthiest Are Moving: Top 10 Cities For $150K+ Earners originally appeared on Benzinga.com
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