Here’s Where Wealth Is Moving In America

Americans aren’t just moving, they’re bringing billions in wealth with them.

This map, via Visual Capitalist’s Dorothy Neufeld, visualizes net wealth migration by state in 2023, based on Realtor.com’s analysis of the latest data from the Internal Revenue Service.

Florida alone gained tens of billions in income from out-of-state residents. Meanwhile, states like California and New York saw massive outflows, highlighting how affordability is playing a central role in domestic migration trends.

Ranked: States With the Highest Inflows of Wealth

Between 2019 and 2023, Florida saw $137 billion in net income flows from interstate moves, exceeding the GDP of Hawaii.

The annual adjusted gross income from these flows reached nearly $21 billion in 2023, more than the next five states combined.

These inflows aren’t just large—they’re high-income. Florida’s incoming residents had an average annual income of $122,530, meaning the state isn’t just gaining people, but higher-earning taxpayers who can significantly boost local economies.

This table shows net income flows from domestic migration in 2023 by state:

Texas followed with $6 billion in inflows, while other Sun Belt states like North Carolina and South Carolina each gained $4 billion.

Arizona and Tennessee, meanwhile, each brought in $3 billion. Not only do many of these states lead in new home construction per capita, they are known for their lower cost of living compared to states like California and New York.

States Losing the Most Wealth

California lost $12 billion in wealth in 2023 alone, the largest outflow of any state. This highlights how high housing costs and taxes are pushing even high-income households to relocate.

From 2019 to 2023, wealth outflows totaled a staggering $91 billion. Both high housing costs and tax burdens have pushed many residents to seek more affordable destinations.

New York experienced $10 billion in net outflows, while Illinois (-$6 billion) and Massachusetts (-$4 billion) also saw sharp declines.

The Broader Shift in U.S. Wealth

Overall, wealth migration trends point to a sustained shift toward lower-cost, high-growth states.

As income flows concentrate in regions like the Sun Belt, these movements are influencing housing demand, state tax revenues, and local economic activity. In many cases, states gaining wealth are also seeing stronger population growth and increased housing construction.

At the same time, continued outflows from high-cost states highlight the growing role of affordability in shaping where Americans choose to live, and where capital ultimately follows.

If these trends continue, the shift in wealth could reshape state economies for years to come. Tax revenue, housing demand, and economic influence may increasingly concentrate in faster-growing, lower-cost regions.

To learn more about this topic, check out this graphic on America’s fastest-growing states from 2025-2050.