10 States That High Earners Are Moving To the Most

Households with a high net worth can make a big difference in a state’s economy. Their earnings bring in more tax revenue to the place they choose to live. In some cases, high earners may also own companies that provide jobs to others in their community, boosting the local economy.

Over the past year, there’s been a significant shift in where high-net-worth households are setting up camp. More are moving to states in the South, including Florida and Texas. Via the 2024 study by SmartAsset, here’s a ranked look at where high earners are going and the potential drivers behind their move.

• Net inflow of high-earning households: 29,771
• Number of $200,000-plus households moved in: 46,874
• Number of $200,000-plus households moved out: 17,103

Florida tops the list with the highest net inflow of high-income households moving to the state. Why are so many people moving there? A few reasons may be its warm weather, sandy beaches and numerous cities to choose from, including Miami, Orlando and Tampa. But it’s also a state with no income tax, so high earners may keep more of their paycheck.

Florida housing is slightly more affordable than the national average, with homes selling for an average of $419,200. Its cost of living is just 3.1% higher than the national average, with groceries, healthcare and utilities all relatively affordable. Florida’s job market is also booming, with a year-over-year increase of 2.4%, placing it seventh in the nation for the highest job growth.

• Net inflow of high-earning households: 8,260
• Number of $200,000-plus households moved in: 25,931
• Number of $200,000-plus households moved out: 17,671

Texas is another southern state with a large inflow of high-earning households. It boasts warm weather and several major cities, including Dallas, Austin and Houston. Like in Florida, residents don’t pay a state income tax on their earnings.

The average home price in Texas is reportedly $354,300, well below the national average of $442,451. The cost of living is 5.8% cheaper than the national average. Job growth is also positive, with more than 265,000 jobs added over the past year — a 1.9% change.

• Net inflow of high-earning households: 5,792
• Number of $200,000-plus households moved in: 13,430
• Number of $200,000-plus households moved out: 7,638

North Carolina has also seen a large influx of high-net-worth households. While the state doesn’t have the major metropolitan cities you’ll find in Texas or Florida, it has a beautiful coastline. It’s also home to Charlotte, Raleigh and Durham.

North Carolina is more affordable than some other states, with a cost of living that’s 9% cheaper than the national average. Homes sell for an average of $406,900. Employment opportunities are also rising, with a 1.6% increase in jobs over the past year.

• Net inflow of high-earning households: 5,270
• Number of $200,000-plus households moved in: 8,695
• Number of $200,000-plus households moved out: 3,425

South Carolina’s affordability is a big draw for high earners. Its cost of living is 10.7% below the U.S. average, with groceries, housing and transportation being particularly cheap. The average home price is $389,400, well below the national average.

South Carolina’s job market is booming. Job growth in South Carolina is the highest in the nation, with a 3.7% increase year over year.

• Net inflow of high-earning households: 4,365
• Number of $200,000-plus households moved in: 11,041
• Number of $200,000-plus households moved out: 6,676

Another state attracting high earners is Arizona. While Arizona isn’t as affordable as some other states, its job market is growing. Over the past year, job growth increased by 2.3%.

Arizona’s cost of living is 6.4% higher than the national average. Housing and transportation are more expensive than in other states. The median price for a home in Arizona is $480,000, moderately higher than the national average.

• Net inflow of high-earning households: 4,320
• Number of $200,000-plus households moved in: 8,786
• Number of $200,000-plus households moved out: 4,466

Tennessee is one of the only states that doesn’t tax any income, including wages, dividends and investment gains. It’s also highly affordable, with a cost of living that’s 10.1% cheaper than the national average. Home prices remain below the national average, with a median sale price of $400,100.

However, job growth in Tennessee is below that of other states, with just a 0.7% increase in jobs over the past year.

• Net inflow of high-earning households: 2,589
• Number of $200,000-plus households moved in: 6,118
• Number of $200,000-plus households moved out: 3,529

Nevada is another state with no taxes on wages. It also doesn’t impose a state corporate tax, making it attractive for many businesses. That may be why Nevada has the second-fastest-growing job market in the nation, with job growth of 3.3% over the past year.

However, Nevada’s cost of living is 9.7% higher than the national average, driven by high housing and transportation costs. The average home price is $461,700, slightly higher than the national average.

• Net inflow of high-earning households: 2,113
• Number of $200,000-plus households moved in: 3,540
• Number of $200,000-plus households moved out: 1,427

Idaho ranks eighth on the list of states attracting high earners, likely due to its growing job market. Job growth increased by 2.8% over the past year, making it the fifth-fastest-growing job market in the country.

The cost of living in Idaho is 5.5% higher than the U.S. average. Housing is more expensive, though groceries, utilities and transportation are much more affordable than in other states. Idaho’s average home sale price is $482,500, higher than the national average.

• Net inflow of high-earning households: 1,403
• Number of $200,000-plus households moved in: 10,026
• Number of $200,000-plus households moved out: 8,623

Colorado remains attractive for high earners, though it’s much more expensive than other states on the list. Colorado’s overall cost of living is 20.5% higher than the U.S. average, primarily driven by high housing costs. The median sale price for a Colorado home is $606,800 — a whopping 37% higher than the national average.

Colorado’s job growth is comparable to that of other states. Over the past year, companies added more than 43,000 jobs in the state — a 1.5% increase. Colorado ranks 24th among the fastest-growing job markets in the country. 

• Net inflow of high-earning households: 1,104
• Number of $200,000-plus households moved in: 2,981
• Number of $200,000-plus households moved out: 1,877

New Hampshire is another state that doesn’t impose an income tax on wages. By 2027, it will also repeal its existing tax on dividends and interest. That makes it attractive for high earners who prefer a cooler climate than the southern states offer. Its relatively close proximity to major metropolitan areas, including Boston and New York City, also draws new residents to New Hampshire.

However, New Hampshire isn’t the cheapest state to live in. The cost of living is 5.8% higher than the national average, driven mainly by housing and grocery costs. The median home sale price is $516,000 — nearly 17% higher than the national average. Job growth is fair, with a 1.4% increase in jobs over the past year.

Data for this article provided by SmartAsset, Best Places, Redfin and the U.S. Bureau of Labor Statistics.