Move to the Sunshine State…Everyone’s Doing It.
According to the Census Bureau, about 10% of the population, or about 35 million people, move annually. While most moves tend to be within the same county, some clearly move to other states. In doing this, they not only take their pets, family and their belongings, but they also take their income, spending habits, and tax dollars.
A recent study from Bloomberg showed how much income was lost in the state-to-state moves. New York state topped the list with a $8.4B decrease, followed by Illinois with a $4.8B decrease and New Jersey with $3.4B lost.
So, where did they move? Where did the income and tax dollars reside? We’re proud to announce, Florida is the lucky recipient, reeling in $17.2B more than it lost. The Sunshine State pulled in about seven times the amount of the closest runner-up, Texas, with a $2.4B gain followed by Washington and South Carolina, tied with a $2.3B increase.
Despite popular belief, all that move to Florida are not seeking retirement. Movers are seeking no income tax and, “a recent provision in the federal tax law passed by the Trump administration that hits residents of high-tax states by putting a lower cap on state and local tax deductions.” states Bloomberg. “The average gross incomes of people moving to Florida from 10 states and Washington, D.C. exceeded $100,000, with those from Connecticut averaging $253,000. That far outstripped those of Florida natives who migrated to the reciprocal states.”
“Job growth, lower costs of living, state budgetary challenges and more temperate climates” are the driving factors behind migration, Michael Stoll, a professor at the University of California at Los Angeles, said in separate study by United Van Lines.
If you’re a local, you are familiar with the many benefits of the Florida lifestyle. However, if you’re unfamiliar, or looking to move to the Sunshine State in the near future, we would be happy to help. Contact us directly at BrandyCoffey941@gmail.com or 941.404.4737.