Florida Claims Top Spot in U.S. for Population Migration: Preferred Destination for New YorkersDecember 7, 2023
Florida has once again secured its position as the leading state in the U.S. for positive net migration, marking the second consecutive year with a notable influx of over 249,000 individuals, per the latest data from the U.S. Census Bureau.
The state’s economic prosperity, particularly during and after the pandemic, was pivotal in attracting newcomers, notably high-income households seeking to escape state income taxes and bask in more favorable weather. This surge in migration has positioned Florida as the focal point of the “great wealth migration” trend, drawing high-income individuals and companies primarily from states like New York and California.
Florida witnessed an impressive $39.2 billion in wealth flowing into the state after the pandemic. To put this staggering figure into perspective, it translates to an astonishing $4.48 million per hour. Miami-Dade and Palm Beach counties emerged as the top two destinations for income inflow, recording $7.4 billion and $7.2 billion, respectively.
Conversely, New York experienced the opposite trend in 2022, ranking second in the nation for negative net migration, underscoring the state’s ongoing struggle to expand its population. Between 2021 and 2022, New York reported a net migration of -244,137, with over 545,000 residents departing for other locales and just over 301,000 relocating to the state.
California, with a net migration of -341,866, stood as the only state with a lower net migration rate than New York, according to data from the Census Bureau’s annual American Community Survey.
Notably, over 90,000 New York residents chose Florida as their new home in 2022, making it the third-most populous state in the nation. Florida also boasted the highest net gain of New Yorkers, with nearly 70,000 individuals.
The persistent negative net migration for New York fuels the narrative that the state faces challenges competing with other regions regarding business climate, tax rates, and the appeal of its colder, snowier winters. The ongoing decline in population, particularly among working-age residents, exacerbates the strain on the state’s already tight labor pool.
In contrast, a majority of states, 32 out of 50, reported positive net migration, further emphasizing the dynamic shifts in population trends across the United States.