From Bloomberg:
Florida Is the Big Winner as the Wealthy Move Out of Northern States
Roughly 5 million Americans move from one state to another annually and some states are clearly making out better than others.
Florida and South Carolina enjoyed the top economic gains, while Connecticut, New York and New Jersey faced some of the biggest financial drains, according to a Bloomberg analysis of state-to-state moves based on data from the Internal Revenue Service and the U.S. Census Bureau.
Connecticut lost the equivalent of 1.6% of its annual adjusted gross income, as the people who moved out of the Constitution State had an average income of $122,000, which was 26% higher than those migrating in. Moreover, “leavers” outnumbered “stayers” by a five-to-four margin.
…
Florida posted a net income influx of nearly 3% of the state’s adjusted gross income in 2016. South Carolina, Idaho and Oregon were also among the largest gainers in the interstate shuffle.
“Florida’s powerhouse economy continues to churn out new jobs, retiree migration to Florida is on the rise, and millennials are coming into their prime home-buying years,” Brad O’Connor, chief economist for Florida Realtor, said in a report before the trade association’s annual summit.
…
New York’s annual net loss was the highest, with a net $8.4 billion leaving the state. Exiting incomes of $19.1 billion were replaced by people who brought in $10.7 billion less in income. Illinois and New Jersey were next with net outflows of $4.8 billion and $3.4 billion, respectively.
Those three states also had three of the four highest proportions of outbound versus inbound residents last year, according to the United Van Lines, the largest U.S. household goods mover.
All this shows is that America is becoming older. Population shift is from income producing areas to post income producing low cost areas aka people are retiring. That’s all you need to know about these numbers, but people will use these numbers to paint whatever opinion they are trying to sell like the lame bs idea that taxes made them move. No, retirement made them move. No longer making the same income, and forced to move to try and make their nest egg last through retirement.
“Florida and South Carolina enjoyed the top economic gains, while Connecticut, New York and New Jersey faced some of the biggest financial drains, according to a Bloomberg analysis of state-to-state moves based on data from the Internal Revenue Service and the U.S. Census Bureau.”
Enjoy the beautiful weather on this holiday weekend!
Stop f’n lying. It’s retirees and people that couldn’t make it anywhere else. Don’t make it sound like good jobs are being produced and that’s why people are moving here…that’s bs.
““Florida’s powerhouse economy continues to churn out new jobs, retiree migration to Florida is on the rise, and millennials are coming into their prime home-buying years,” Brad O’Connor, chief economist for Florida Realtor, said in a report before the trade association’s annual summit.”
Evidence to support my first post.
Does the income avg rise significantly with all this new wealth in Florida?
All these wealthy individuals are leaving nj, yet the income avg keeps going up.
Now use logic and apply.
Does anyone know how to look up the most-recent inventory numbers for homes for sale in New Jersey?
I’m trying to compare June 2007’s inventory of 71,000 units to today.
Those who left had a higher income than those migrating in.
Yeah…can’t hack it in CT. Suuuure.
Kind of blows your narrative pumpkunt.
Yes, they were at the highest earning years of their career and then left to retire. They were replaced, hence, household income levels continue to go up in nj, yet not in Florida.
If the higher income earners are leaving for higher income jobs in the south, why is it not reflected in the household income avgs for those states? How come nj’s income avg is going up if all the wealth and jobs are leaving?
ExEssex says:
May 25, 2019 at 9:44 am
Those who left had a higher income than those migrating in.
Last one out pays all the debt and pensions!
So, my entire front lawn is now dug up. Laying an entire new pipe into the house. Turns out, pipe was completely separated but the clay around it still allowed it to maintain high water pressure. Line was initially laid out very carelelessly. Lots of bends and turns for no reason using flexible copper and they didn’t cover it with sand for 20 ft. So I opted to replace the whole line, $3800.
Now that is nearing summer, I am seeing people have not seen in year or more. My nephew’s party I run into my bros friend that I have not seen in 2 years. I recall going to a BBQ at his home in 2010. He bought it short sale for 500k in pretty area of Norwalk CT but north . Paid same price as 1999. He thought it was steal. Neglected for decade, the house was a wreck. It needed everything, siding, deck, kitchen, ovegrown tree with wetlands. I was thinking wow, this is ton of work. He said his Dad and him would work on it over time. Fast forward to now and I ask him it’s going. He said ‘I can’t sell my house and I have to pay contractors to finish remaining work’. He is renting a house and sounded down. He has two kids 9 and 7 plus stay home wife. Sorry, a guy buys a short sale in 2010 and now still taking a bloodbath a decade later. He will lose $80k easy. My bro lost $120k. Nothing has changed. Norwalk always had questionable schools so why can’t he sell now? It was desirable for $500k back in 1999 and now won’t get $550k even with asburdly low rates . Cements my belief that NYC suburbs (over 40m out) are truly f-ed. This is not cyclical. This is new reality. Jobs not paying enough and people don’t have means to buy current prices.
I’m with you by. Top in expensvsssssssssswwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwssssssssssssssssssssssssss. So tired after driving back from shore I just feel a slllssssssssssssssssssssssssswwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwww
Stu: you should move down here and screw GR.
Great weekend pool, hot tub, good friends, endless summer is here again. I love the shore. Bergen Passaic, Hudson higher taxes and congestion etc not so much.
Chi,
I grew up in Middlesex County, on the border with Monmouth County. It is a much nicer area. Especially when you get away from Route 9.
Bought a pos. He hasn’t updated since, and the desirability has dropped even more. No one is lining up to buy a 500k pos headache. Too smart for that..,
“He has two kids 9 and 7 plus stay home wife. Sorry, a guy buys a short sale in 2010 and now still taking a bloodbath a decade later. He will lose $80k easy. My bro lost $120k. Nothing has changed. Norwalk always had questionable schools so why can’t he sell now? It was desirable for $500k back in 1999 and now won’t get $550k even with asburdly low rates .”