Friday, February 7th, 2020 February7th2020

Sell for More Trivia: What state are the wealthy migrating to?

Published on February 7th, 2020

Sell for More Trivia is a weekly blog series that playfully presents a trivia question about commercial real estate.


This state netted $16 billion in adjusted gross income from in-migration in 2018…Florida.

In fact, Florida has been the country’s top beneficiary for the 6th straight year according to the IRS. The net economic benefit from migration increased 3% from $15.5 billion in 2017.

The figures show the strength of Florida’s appeal…not just its warm weather and growing cities…but also its lack of state income tax.

The Tax Cuts and Jobs Act of 2017 capped state and local tax deductions, essentially raising taxes due for high earners in certain tax-heavy states such as New York, New Jersey, Connecticut and California.

Donald Trump himself recently joined billionaires including Carl Icahn in disclosing moves from New York to Florida.

The Sunshine State was $12.5 billion ahead of the next strongest state, Arizona, in benefiting from migration. The biggest losers were New York and California, which bled $9.62 billion and $7.98 billion, respectively.

Conservative economists Arthur Laffer and Stephen Moore predicted that New York and California alone would double their pace of tax-related out-migration to 800,000 residents over three years.


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About Beau Beach, MBA CCIM

Beau is a tenacious Commercial Real Estate Broker, author and adoring father of four. His clients appreciate his no-nonsense demeanor and his legendary work ethic.

Beau leads Beachwood which is a commercial real estate broker for sellers in the Nashville, Milwaukee and South Florida markets.

He’s the author of the books The 3 Reasons: Why Most Commercial Properties Don’t Sell and True Wealth: What Every Seller Should Know About 1031 Exchanges.

Beau can be reached at 800-721-3287, click to schedule a call or