A internet 30,000 New Yorkers fled town for Florida’s Palm Seashore and Miami-Dade counties within the 5 years by way of 2022, taking with them a mixed $9.2 billion in earnings, a brand new report exhibits.
The 2 Florida counties gained households incomes effectively above six figures, in keeping with the report launched Wednesday by the Residents Finances Fee, a nonpartisan fiscal watchdog. Nearly 20,000 folks with a per capita earnings of about $190,000 left New York Metropolis for Palm Seashore throughout that point, whereas greater than 26,000 people with a per capita earnings of about $266,000 went to Miami-Dade, in keeping with the group.
The coronavirus pandemic, the price of residing and a few quality-of-life issues have made different elements of the nation extra enticing for some New York Metropolis residents. States like New Jersey, Florida, California and Pennsylvania gained residents relocating from New York in the course of the span lined within the report, in keeping with the CBC knowledge.
“Our competitiveness depends in part on quality of life and public safety,” CBC President Andrew Rein mentioned throughout a media briefing previous to the discharge of the information. “That’s the value proposition. If you feel safe and you enjoy your life, you’re going to want to be here.”
Not everybody leaving town left the state. A internet of almost 138,000 metropolis residents relocated to New York’s Lengthy Island throughout these years, decreasing the Huge Apple’s adjusted gross earnings by a mixed $11.1 billion, in keeping with the CBC knowledge. Westchester County, simply north of town, gained virtually 60,000 internet new residents, slicing town’s adjusted gross earnings by $5 billion.
Whereas the overall variety of millionaires in New York swelled from virtually 36,000 in 2010 to virtually 70,000 in 2022, the state’s share of US millionaires truly declined, in keeping with the report. In 2010, New York was residence to 12.7% of the county’s millionaires, a share that fell to eight.7% by 2022, at the same time as states like California, Texas and Florida noticed their shares of the nation’s wealthiest folks enhance.
Monitoring the actions of New York’s millionaires has grow to be a fraught political challenge as a result of the highest 1% of town’s tax filers pay 40% of the earnings taxes.
The CBC knowledge additionally breaks down migration out of town by race and ethnicity, earnings and age. Since 2018, New York Metropolis’s inhabitants loss has been led by its highest earners and likewise millennials, these born within the Nineteen Eighties and early Nineties.
New York Metropolis’s total inhabitants elevated in 2023 and 2024 after six years of decline, as a consequence of worldwide migration to town, the CBC mentioned.
This story was initially featured on Fortune.com
