The top 10 states attracting individuals earning $200,000 or more, with Florida leading the way.

Some states have experienced a net influx of high-income households, while more high-income households have left California and New York than moved in.

According to a recent SmartAsset study, Florida experienced the highest net gain of high-earning households during the 2021-2022 tax year. SmartAsset analyzed the latest available IRS data to determine the number of high-income households moving into and out of each state. Using $200,000 of adjusted gross income as a threshold, the study examined the net inflow.

In terms of net inflow, North and South Carolina, Arizona, and Texas ranked second, third, and fourth, respectively.

What's driving migration to these states?

The top 10 states without income taxes, including Florida, Texas, Tennessee, Nevada, and New Hampshire, could attract migrants due to their tax-friendly policies. However, states without these tax breaks still attracted new residents, as did those with smaller populations.

DeJohn remarks that these smaller-population states are surprisingly effective in attracting high-earning households, despite their smaller size.

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According to DeJohn, the term "household" encompasses not only large families but also single individuals. High-income single individuals may have the flexibility to relocate, as stated by David Tinsley, the senior economist at the Bank of America Institute.

The affordability of housing, particularly in Southern states, could be a consideration for economists, as high-income households relocating to these areas may increase prices, but they will still be lower than in other markets, according to Charlie Dougherty, a director and senior economist with The Wells Fargo Economics Group.

"Dougherty states that when examining Texas, one is also looking at Florida's relative affordability, particularly in housing, which remains true. This is especially evident when compared to the high-priced coastal Western markets, such as the Bay Area, Los Angeles, Portland, and Seattle."

Although layoffs in the tech industry have occurred in the Austin area of Texas, the state still ranks among the top places to find employment in the US, alongside Florida.

Since the Covid-19 pandemic began, many employees have been able to work remotely. However, according to Tinsley, people are still moving to find work, as they are being pulled by the demand for labor in certain areas.

Here are the states that saw the biggest net inflow of high-earning households:

1. Florida

Net inflow of high-earning households: 29,771

Average adjusted gross income for high-earning households moving in: $907,013

2. Texas

Net inflow of high-earning households: 8,260

Average adjusted gross income for high-earning households moving in:  $579,207

3. North Carolina

Net inflow of high-earning households: 5,792

Average adjusted gross income for high-earning households moving in: $456,384

4. South Carolina

Net inflow of high-earning households: 5,270

Average adjusted gross income for high-earning households moving in: $501,205

5. Arizona

Net inflow of high-earning households: 4,365

Average adjusted gross income for high-earning households moving in: $561,112

6. Tennessee

Net inflow of high-earning households: 4,320

Average adjusted gross income for high-earning households moving in: $586,256

7. Nevada

Net inflow of high-earning households: 2,589

Average adjusted gross income for high-earning households moving in: $845,035

8. Idaho

Net inflow of high-earning households:  2,113

Average adjusted gross income for high-earning households moving in: $494,497

9. Colorado

Net inflow of high-earning households: 1,403

Average adjusted gross income for high-earning households moving in: $590,626

10. New Hampshire

Net inflow of high-earning households: 1,104

Average adjusted gross income for high-earning households moving in: $619,679

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