Top 10 cities for those earning over $150,000

While conventional wisdom might suggest that most move to the sun-soaked southern states, the reality is more nuanced than that. Florida makes a show, but the list of top destinations for wealthy transplants spans much of the US

Don’t miss:

Florida’s Deltona-Daytona Beach-Ormond Beach metro area tops the list, with a 171 percent net increase in high-income residents in 2023, according to CNBC.

The College Station area of ​​Texas, home to Texas A&M University, came in second with a 132 percent increase in wealthy residents.

Trends: Warren Buffett once said, “If you don’t find a way to make money while you sleep, you’ll work until you die.” Paying 7.5% – 9%, these high yielding real estate notes make earning passive income easier than ever.

California, which has recently lost residents, was also included on the list. The Santa Maria metropolitan area ranked third, with a 127 percent net increase in high-income households.

Florida made a second appearance on the list, with the North Port-Sarasota-Bradenton area posting a 68 percent increase.

The Midwest also ranked with Ann Arbor, Michigan — home to the University of Michigan — taking fifth. The university town saw a 63% net increase in high earners in 2023.

Rounding out the top 10 are:

– Provo, Utah (40% increase)
– Akron, Ohio (up 35%)
– Austin, Texas (up 34%)
– Knoxville, Tennessee (up 33%)
– Fresno, California (up 32%)

See also: This city is the clear winner of Zillow’s Home Value Forecast for 2024 – No surprise, as the number of millionaires there has increased by 75% in the last decade.

However, these migration patterns do not necessarily align with general movement trends. The CNBC analysis found that households in the top 20 percent of income earners were the least likely to move in 2023, with just 6.5 percent relocating, compared to 9 percent of those in the bottom 20 percent.

Of those with high incomes who moved, 53% stayed in the same county. However, when they did venture out, they were more likely than lower-income groups to move across state lines, with 19% of wealthy movers moving to a different state.

And the motivations behind the moves vary. While middle-class Americans often cited cheaper housing as a reason for relocating, it was a factor for only 6 percent of high-income movers. In contrast, 18% of the wealthy moved for new or better housing. Career opportunities also played a role, with 12% of high earners moving for a new job or transfer.

The story continues

Trends: Elon Musk’s secret Austin mansion has been revealed through court filings. Here’s how to invest in growing your city before prices rebound.

While an influx of high-income residents can boost local businesses and tax bases, it can also exacerbate housing affordability problems for longtime residents. As remote work continues to offer flexibility and economic uncertainties persist, the migration patterns of America’s wealthiest may continue to evolve and impact local communities.

Read on:

“THE SECRET WEAPON OF ACTIVE INVESTORS” Up Your Stock Game With The #1 “news & Everything” Trading Tool: Benzinga Pro – Click Here To Start Your 14 Day Trial Now!

Get the latest stock analysis from Benzinga?

This article Where America’s Richest Are Moving: Top 10 Cities for Those Earning Over $150,000 originally appeared on Benzinga.com

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.