""People are moving in pursuit of affordability," said Realtor.com senior economist Joel Berner."
""The states that saw the largest gains in wealth of movers are the ones that are doing the most to increase the supply of homes and thereby lower prices.""
"States losing the most revenue through migration also share something else in common - they slam millionaires, billionaires and other high earners with hefty taxes while spending excessively."
"In New York City, residents earning over $215,400 pay a 10.7% while the top state-and-local tax rate runs 10.7%."
Florida experienced a significant influx of wealth, gaining $20.6 billion in annual adjusted gross income from new residents between 2022 and 2023. In contrast, high-tax states such as California and New York faced substantial losses, with California losing $11.9 billion and New York losing $9.9 billion. The trend indicates that individuals are relocating for more affordable living conditions. States that successfully increase housing supply tend to attract wealth, while those imposing high taxes on affluent residents often drive them away.
Read at New York Post
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