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
- 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
- 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
- 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
- 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
- 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
- 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
- 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
- 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
- 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
- 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