The latest study of wealthy Gen-Xers (those born between the early to mid 60s to the early 80s, and with an income of at least $100,000) shows that Florida is their new favorite moving destination, while New York is their least.
While Florida is the most popular moving destination of wealthy middle-aged people, six of the top 10 states are in the South. About 9,000 moved to Florida between 2015 and 2016, though. About an equal number of that same demographic left New York during that time.
The top states are:
- North Carolina
- South Carolina
It’s not just New York. The Northeast in general isn’t favored by Gen-Xers. They are also fleeing New Jersey, Massachusetts, and Pennsylvania.
Illinois, California, Virginia, Pennsylvania, Ohio, Massachusetts, New Jersey, Maryland, and Washington, D.C., are the least popular destinations.
It’s not just wealthy Gen-Xers who are moving to Florida. In 2018, Florida grew by more than 320,000 people, mostly from people moving in. Only Texas has had a larger influx of residents. Experts expect that Florida will have 22 million residents by 2022.
What does that mean for Floridians? Well, it means more cars will be on the road, and the state will have to address that fact. The good news is, though, that more wealthy people means more tax revenue, so in theory, there should be money to improve the roads and public transportation.
The influx of people will drive real estate costs up, which is great news if you already own, but not so good news if you are relocating there. One of the reasons Florida is such a popular moving destination is the cost of real estate. The median home asking price is $299,000, and is expected to rise. Many of the states people are moving from have much higher real estate prices. The median home value in California is $548,000.
If you are moving from California to Florida, let us know. We’ll be happy to help you settle in.