Florida, Texas Top States for Wealth Migration (bigger, taxes, Chicago)

[Craziaskowboi]

Here are the rankings for adjusted gross income change as a percentage of each state's gross income, from best to worst:


Adjusted gross income change (percentage)

1. Idaho
2. Wyoming
3. Montana
4. Florida
5. South Carolina
6. Nevada
7. Delaware
8. Arizona
9. Maine
10. Vermont

11. New Hampshire
12. Tennessee
13. Utah
14. North Carolina
15. Colorado
16. New Mexico
17. Rhode Island
18. South Dakota
19. Texas
20. Oregon

21. Alabama
22. Washington
23. Georgia
24. Arkansas
25. Hawaii
26. Oklahoma
27. Wisconsin
28. Mississippi
29. Missouri
30. Indiana

31. Michigan
32. Connecticut
33. West Virginia
34. Kentucky
35. Pennsylvania
36. Iowa
37. Kansas
38. Virginia
39. Ohio
40. Louisiana

41. Minnesota
42. New Jersey
43. Massachusetts
44. Maryland
45. Nebraska
46. North Dakota
47. California
48. Alaska
49. Illinois
50. New York


And here's how the states rank within each region:


Northeast

7. Delaware
9. Maine
10. Vermont
11. New Hampshire
17. Rhode Island
32. Connecticut
35. Pennsylvania
42. New Jersey
43. Massachusetts
44. Maryland
50. New York

Average ranking: 27.3


Midwest

18. South Dakota
27. Wisconsin
29. Missouri
30. Indiana
31. Michigan
36. Iowa
37. Kansas
39. Ohio
41. Minnesota
45. Nebraska
46. North Dakota
49. Illinois

Average ranking: 35.7


South

4. Florida
5. South Carolina
12. Tennessee
14. North Carolina
19. Texas
21. Alabama
23. Georgia
24. Arkansas
26. Oklahoma
28. Mississippi
33. West Virginia
34. Kentucky
38. Virginia
40. Louisiana

Average ranking: 22.9


West

1. Idaho
2. Wyoming
3. Montana
6. Nevada
8. Arizona
13. Utah
15. Colorado
16. New Mexico
20. Oregon
22. Washington
25. Hawaii
47. California
48. Alaska

Average ranking: 17.4

[Heel82]

Is SC retirement money do we think? Super impressive either way.

[18Montclair]

We dont have data for 2020 or 2021 yet, but here is data for the first 2 years of SALT deductions using census data, the highest income bracket in the census is $200,000+ HH Income

HHI $200K+--2017--------2019-------2-year change---
California 1,441,373---1,802,741--+361,368--+25.0%
New York 718,112-------901,536---+183,424--+25.5%
Texas 634,663-------------788,884---+154,221--+24.2%
Florida 414,434------------530,045---+115,611--+27.8%

Sorry, but California still created more of these households as TX/FL combined, and CA and NY both edged out TX for growth in this census bureau income bracket, as well being only marginally lower than FL as far as percentage growth.

Not quite seeing the mass 'wealth migration' being reported in the OPs link.

But I never knew that California has twice as many of these households than TX and FL COMBINED, which is interesting, no matter Republicans are salivating to move those people to their states.

At the local level...
Households Earning $200,000, 2019...Percent of all HHs
New York CSA 1,317,890........15.7%
San Francisco CSA 753,465....22.4%
Los Angeles CSA 691,442.......11.4%
Dallas CSA 268,084..................9.5%
Houston CSA...252,207...........10.0%
Miami CSA 198,453..................8.0%
San Diego MSA 150,247..........13.2%
Sacramento CSA 98,881.........10.2%
Austin MSA 95,676..................11.6%
Orlando CSA 80,097..................5.4%
Tampa MSA 80,087...................6.5%
San Antonio CSA 49,848............5.8%
Jacksonville 42,798...................7.1%
Fresno CSA 20,685....................4.9%

[18Montclair]

A 2022 update of this might yield a better look at the impact of SALT deductions, I reckon.

Very High Net Worth($5M-$30M) Individuals With a
Primary or Secondary Home by US Metro Area, 2021
182,395 New York
103,345 Los Angeles
75,560 San Francisco
62,195 Dallas
55,070 Atlanta
51,715 Boston
46,655 Washington DC
45,545 Miami
40,740 San Jose
37,160 Seattle

Ultra High Net Worth Individuals($30M+) with a Primary or Secondary Home
by US Metro Area, 2021
24,660 New York
16,295 Los Angeles<-LA ranks 2nd in the world in this regard, behind only NYC!
6,740 San Francisco
6,085 Chicago
5,615 Miami
4,905 Washington DC
4,890 Dallas
4,435 Houston
3,035 Naples, Florida
2,910 Greenwich, CT
2,790 San Jose, CA

[Ice_Major]

Originally Posted by NOVA_guy

Miami, yes. What’s happening with the rent prices and the real estate market as a whole specifically in Miami and Fort Lauderdale is insane.

Austin, Dallas and Houston are still extremely affordable. Austin doesn’t even rank in the top 20 for most expensive apartments (as of May 2022 it was #28, Dallas #34 and Houston #51).

Austin and extremely affordable do not go together. While true rent prices haven't reached the level of the coast, affordability has become an issue with yearly rate increases on par with the coast. Austin along with Dallas and Houston just started from a lower level. Look at median house value. Surprisingly Austin is the most expensive city between the Rockies and the Appalachians even surpassing the likes of major cities such as Chicago. A median of $624,000 is not extremely affordable.

[Craziaskowboi]

Originally Posted by Heel82

Is SC retirement money do we think? Super impressive either way.

I would guess so, since the coast has the highest rate of growth.

[18Montclair]

Originally Posted by Ice_Major

Austin and extremely affordable do not go together. While true rent prices haven't reached the level of the coast, affordability has become an issue with yearly rate increases on par with the coast. Austin along with Dallas and Houston just started from a lower level. Look at median house value. Surprisingly Austin is the most expensive city between the Rockies and the Appalachians even surpassing the likes of major cities such as Chicago. A median of $624,000 is not extremely affordable.

$624,000 is outrageously laughable for a major city in Texas, but it's what they get, and they are reaping what they sow trying to be the coast, thinking they can lure our companies and workers without it having a ripple effect on their own people, now suffering in a worse housing crisis than CA. Americans are moving to Texas in droves, just as their local govt and business leaders wanted, and now they are dealing with what it means to be California. ENJOY

Metro Area Median Home, Percent Overpriced
Austin 67.70%
Tampa 52.41%
Dallas 48.35%
Orlando 43.04%
Jacksonville 41.85%
Riverside 31.88%
San Antonio 31.30%
Miami 29.84%
Sacramento 29.56%
Houston 29.41%
San Diego 26.56%
San Jose 19.81%
San Francisco 13.72%
Los Angeles 12.02%
New York 3.62%

https://business.fau.edu/executive-e...using-top-100/

[NOVA_guy]

Originally Posted by Ice_Major

Austin and extremely affordable do not go together. While true rent prices haven't reached the level of the coast, affordability has become an issue with yearly rate increases on par with the coast. Austin along with Dallas and Houston just started from a lower level. Look at median house value. Surprisingly Austin is the most expensive city between the Rockies and the Appalachians even surpassing the likes of major cities such as Chicago. A median of $624,000 is not extremely affordable.

When you look at the job market, the amount of tech jobs and tech companies there compared to other similar cities it’s extremely affordable. Yes, the housing market is high everywhere due to supply and demand, that’s not just an Austin issue but the fact that it ranks #28 in terms of expensive apartments (at least with data from May 2022) it’s definitely a city where if you make a decent income you can live - again, that can’t really be said for similar cities with the same job markets, tech jobs and same amount of tech companies.

[Soonhun]

Originally Posted by 18Montclair

$624,000 is outrageously laughable for a major city in Texas, but it's what they get, and they are reaping what they sow trying to be the coast, thinking they can lure our companies and workers without it having a ripple effect on their own people, now suffering in a worse housing crisis than CA. Americans are moving to Texas in droves, just as their local govt and business leaders wanted, and now they are dealing with what it means to be California. ENJOY

Metro Area Median Home, Percent Overpriced
Austin 67.70%
Tampa 52.41%
Dallas 48.35%
Orlando 43.04%
Jacksonville 41.85%
Riverside 31.88%
San Antonio 31.30%
Miami 29.84%
Sacramento 29.56%
Houston 29.41%
San Diego 26.56%
San Jose 19.81%
San Francisco 13.72%
Los Angeles 12.02%
New York 3.62%

https://business.fau.edu/executive-e...using-top-100/

I usually ignore you because everyone knows you stay here to serve two purposes: brag about California and talk smack about everyone else. However, this is ridiculous. Some market being overpriced is hardly the best sign of a housing crisis. In case you forgot, California still has a much higher homelessness rate (most of whom are Californians, not bussed in outsiders) and rent and housing prices are much higher even when accounting for higher incomes.

As for your post on the other page, I think it is silly to use an arbitrary cutoff of 200K when cost of living is so different. I have a six figure income in suburban Texas with extremely low rent and no debt and I still have financial troubles. I cannot imagine how difficult it would be for two people in most of California.

[18Montclair]

Originally Posted by Soonhun

I usually ignore you because everyone knows you stay here to serve two purposes: brag about California and talk smack about everyone else.

Yawns. I can't even recall your username or any of your posts so yeah.

However, this is ridiculous. Some market being overpriced is hardly the best sign of a housing crisis.

Nope, youre not paying attention.

Central Texans open up about the affordability crisis in Austin
https://www.kvue.com/article/news/lo...6-483eecf9ee72

Austin “is facing an unprecedented housing crisis,” city council says

https://www.fox7austin.com/news/aust...y-council-says

Families Forced to the Streets: Austin Housing advocates report increase in homelessness because of rising rent prices
https://spectrumlocalnews.com/tx/sou...ies-forced-out

Will Dallas Finally Fix Its Affordable Housing Problem in 2022?
https://www.dmagazine.com/frontburne...oblem-in-2022/

New Report: Texas Among Worst States for Available Affordable Rental Housing
https://www.nbcdfw.com/news/local/ne...using/2950130/

In case you forgot, California still has a much higher homelessness rate (most of whom are Californians, not bussed in outsiders) and rent and housing prices are much higher even when accounting for higher incomes.

So youre answer is: Well at least we have less homeless? How does that solve the housing crisis where you live? Your state leaders wanted to be California so bad, that will NEVER happen by poaching companies and workers because California's brilliance is creating and innovating, not being where obsolete companies run away to retire(LOL), but now TX is getting a taste of what happens when you dont have enough housing to meet demand-Congrats, you deserve all that's happening.

As for your post on the other page, I think it is silly to use an arbitrary cutoff of 200K when cost of living is so different. I have a six figure income in suburban Texas with extremely low rent and no debt and I still have financial troubles. I cannot imagine how difficult it would be for two people in most of California.

Well, this is the census bureau's highest cutoff and California has more $200,000+ Households than Texas and Florida COMBINED. That's a fact. This is because California has far more people in high paying jobs and careers, period. Get over it.

The IRS has a $500,000+ income bracket by congressional district, and California annilhilates Texas and Florida in that regard as well.

District/Number of Tax Returns reporting $500,000+ Income, 2018/Representative(Party) Hometown
5,000+ returns
CA-18.....34,210 Anna Eshoo(D) Atherton
NY-12.....30,140 Carolyn Maloney(D) Manhattan
NY-10.....26,540 Jerry Nadler(D) Manhattan
CA-33.....25,469 Ted Lieu(D) Torrance
CT-04......20,050 Jim Hines(D) Cos Cob
CA-12.....18,530 Nancy Pelosi(D) San Francisco
NY-03.....16,380 Thomas Suozzi(D) Glen Cove
NJ-07.....15,630 Tom Malinowski(D) Rocky Hill
CA-17.....15,010 Ro Khanna(D) Fremont
CA-14.....15,000 Jackie Speier(D) Hillsborough
TX-07.....14,350 Lizzie Fletcher(D) Houston
MA-04....14,170 Jake Auchincloss(D) Newton
WA-07....12,720 Pramila Jayapal(D) Seattle
NJ-11.....12,340 Mikie Sherrill(D) Montclair
NY-16.....11,790 Jamaal Bowman(D) Yonkers
MA-05....11,750 Katherine Clark(D) Melrose
FL-19......11,670 Byron Donalds(R) Naples
CA-11.....11,270 Mark DeSaulnier(D) Concord
FL-27......11,150 Maria Elvira Salazar(R) Miami
NY-17.....11,030 Mondaire Jones(D) Nyack
GA-06.....10,970 Lucy McBath(D) Marietta
CA-02.....10,780 Jared Huffman(D) San Rafael
CA-48.....10,780 Michelle Steel(R) Surfside
VA-10......10,560 Jennifer Wexton(D) Leesburg
MD-08.....10,370 Jamie Raskin(D) Takoma Park
CA-49.....10,250 Mike Levin(D) San Juan Capistrano
NJ-05......10,250 Josh Gottheimer(D) Wyckoff
IL-10.......10,160 Brad Schneider(D) Deerfield
AZ-06.....10,120 David Schweikert(R) Fountain Hills
IL-05.......10,040 Mike Quigly(D) Chicago
IL-06........9,870 Sean Casten(D) Downers Grove
IL-09........9,810 Jack Schakowsky(D) Evanston
WA-01......9,680 Suzan DelBene(D) Medina
FL-22........9,590 Ted Deutch(D) Boca Raton
CA-15.......9,390 Eric Swalwell(D) Dublin
CA-52.......9,270 Scott Peters(D) La Jolla
MO-02......8,980 Ann Wagner(R) Ballwin
CA-30.......8,840 Brad Sherman(D) Sherman Oaks
CA-45.......8,720 Katie Porter(D) Irvine
VA-08.......8,710 Don Beyer(D) Alexandria
MN-03......8,640 Dean Phillips(D) Deephaven
WA-09......8,610 Adam Smith(D) Bellevue
TX-25.......8,190 Roger Williams(R) Austin
TX-03.......8,080 Van Taylor(R) Plano
PA-04.......8,060 Madeleine Dean(D) Jenkintown
MA-08......8,030 Stephen Lynch(D) Boston
CO-02.......7,980 Diana DeGette(D) Denver
TX-21.......7,960 Chip Roy(R) Austin
FL-18........7,930 Brian Mast(R) Palm City
TX-24.......7,780 Beth Van Duyne(R) Irving
CA-13.......7,700 Barbara Lee(D) Oakland
CO-01.......7,580 Joe Neguse(D) Lafayette
DC-00.......7,580 Eleanor Holmes Norton(D)Washington DC
FL-21........7,550 Lois Frankel(D) West Palm Beach
IL-07.........7,450 Danny K Davis(D) Chicago
CA-19.......7,400 Zoe Lofgren(D) San Jose
CA-28.......7,200 Adam Schiff(D) Burbank
NJ-04........7,170 Chris Smith(R) Hamilton
GA-11.......6,930 Barry Loudermilk(R) Cassville
MA-06......6,930 Seth Moulton(D) Salem
IN-05.........6,860 Victoria Spartz(R) Noblesville
PA-06........6,860 Chrissy Houlahan(D) Devon
NC-09.......6,760 Dan Bishop(R) Charlotte
NY-04.......6,630 Kathleen Rice(D) Garden City
TX-02.......6,480 Dan Crenshaw(R) Houston
CA-37.......6,440 Karen Bass(D) Baldwin Vista
FL-04........6,360 John Rutherford(R) Jacksonville
MI-11........6,220 Haley Stephens(D) Rochester Hills
PA-05.......6,220 Mary Gay Scanlon(D)Swarthmore
GA-05.......6,200 Nikema Williams(D) Atlanta
FL-16........6,160 Vern Buchanan(R) Sarasota
PA-01........6,140 Brian Fitzpatrick(R) Levittown
FL-23........6,120 Debbie Wasserman Shultz(D) Weston
KS-03........6,090 Sharice Davids(D) Roeland Park
NV-03.......5,960 Susie Lee(D) Las Vegas
TX-22.......5,930 Troy Nehls(R) Houston
NJ-12.......5,850 Bonnie Watson Coleman(D) Ewing
TX-08.......5,740 Kevin Brady(R) The Woodlands)
WA-08......5,710 Kim Schrier(D) Sammamish
CA-27.......5,670 Judy Chu(D) Monterey Park
TX-10.......5,580 Michael R McCaul(R) Austin
MD-03......5,560 John Sarbanes(D) Baltimore
SC-01.......5,440 Nancy Mace(R) Charleston
MA-07......5,430 Ayanna Pressley(D) Boston
NC-04......5,340 David Price(D) Chapel Hill
TX-26.......5,240 Michael C Burgess(R) Pilot Point
NY-07.......5,140 Nydia Velasquez(D) Brooklyn
NY-18.......5,140 Sean Patrick Maloney(D) Cold Spring
VA-11.......5,090 Gerry Conholly(D)Mantua
PA-17.......5,040 Conor Lamb(D) Mt Lebanon
TN-05.......5,010 Jim Cooper(D) Nashville


I mean, this thread is about 'wealth migration' implying wealthy people, but I can't find any stats of upper income movement to justify that claim at all.