South Carolina Ranked #4 In States Where the High-Earning Households Are Moving (#3 is North Carolina)

In a SmartAsset recent 2024 Study, after Florida and Texas, North and South Carolina ranked #3 and #4 with the most net gains in household incomes +200K moving in. The key motivators are job opportunities, more tax- and business-friendly environments, and nicer weather.

Key Findings

• Florida gained nearly 30,000 high-income households. Florida is the top state where high-income households are moving to with 29,771 net new returns. Texas ranks second for this metric, with a net addition of 8,260 high-earning households. 
• Money is moving to the Carolinas. North Carolina and South Carolina ranked third and fourth for most high-earning households moving in, with a net gain of 5,792 and 5,270 households, respectively. The average household income of high-earning households moving in is $456,000 for North Carolina and $501,000 for South Carolina. 
• California and New York lost the most high earners. California ranked last for the net number of high earners moving into the state, with a total loss of 24,670 high income households. While New York lost the second-most high-earning households, its figure is less than half of California’s loss, at -12,040 households. However, the high earners who did move into California and New York this time had a higher average adjusted gross income (AGI) than those who left.
• Fresh high-income transplants to Wyoming make nearly $1.6 million per year. The income of high-income households moving into Wyoming was just about triple that of those moving out ($535,000). The state ranked 21st overall with a net gain of 316 high-income households.

10 States That Gained the Most High Income Households

1. Florida

• Net inflow of high-earning households: 29,771
• Inflow of high earners (number of returns): 46,874
• Outflow of high earners (number of returns): 17,103
• Household income (AGI) for high earners moving in: $907,013
• Household income (AGI) for high earners moving out: $294,189

2. Texas

• Net inflow of high-earning households: 8,260
• Inflow of high earners (number of returns): 25,931
• Outflow of high earners (number of returns): 17,671
• Household income (AGI) for high earners moving in: $579,207
• Household income (AGI) for high earners moving out: $370,986

3. North Carolina

• Net inflow of high-earning households: 5,792
• Inflow of high earners (number of returns): 13,430
• Outflow of high earners (number of returns): 7,638
• Household income (AGI) for high earners moving in: $456,384
• Household income (AGI) for high earners moving out: $299,005

4. South Carolina

• Net inflow of high-earning households: 5,270
• Inflow of high earners (number of returns): 8,695
• Outflow of high earners (number of returns): 3,425
• Household income (AGI) for high earners moving in: $501,205
• Household income (AGI) for high earners moving out: $197,386

5. Arizona

• Net inflow of high-earning households: 4,365
• Inflow of high earners (number of returns): 11,041
• Outflow of high earners (number of returns): 6,676
• Household income (AGI) for high earners moving in: $561,112
• Household income (AGI) for high earners moving out: $328,474

6. Tennessee

• Net inflow of high-earning households: 4,320
• Inflow of high earners (number of returns): 8,786
• Outflow of high earners (number of returns): 4,466
• Household income (AGI) for high earners moving in: $586,256
• Household income (AGI) for high earners moving out: $268,316

7. Nevada

• Net inflow of high-earning households: 2,589
• Inflow of high earners (number of returns): 6,118
• Outflow of high earners (number of returns): 3,529
• Household income (AGI) for high earners moving in: $845,035
• Household income (AGI) for high earners moving out: $425,702

8. Idaho

• Net inflow of high-earning households: 2,113
• Inflow of high earners (number of returns): 3,540
• Outflow of high earners (number of returns): 1,427
• Household income (AGI) for high earners moving in: $494,497
• Household income (AGI) for high earners moving out: $190,606

9. Colorado

• Net inflow of high-earning households: 1,403
• Inflow of high earners (number of returns): 10,026
• Outflow of high earners (number of returns): 8,623
• Household income (AGI) for high earners moving in: $590,626
• Household income (AGI) for high earners moving out: $464,352

10. New Hampshire

• Net inflow of high-earning households: 1,104
• Inflow of high earners (number of returns): 2,981
• Outflow of high earners (number of returns): 1,877
• Household income (AGI) for high earners moving in: $619,679
• Household income (AGI) for high earners moving out: $387,142

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