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Their earnings bring in more tax revenue to the place they choose to live.
Over the past year, theres been a significant shift in where high-net-worth households are setting up camp.
More are moving to states in the South, including Florida and Texas.
Florida
Florida tops the list with the highest net inflow of high-income households moving to the state.
Why are so many people moving there?
But its also a state with no income tax, so high earners may keep more of their paycheck.
Texas
Texas is another southern state with a large inflow of high-earning households.
It boasts warm weather and several major cities, including Dallas, Austin and Houston.
Like in Florida, residents dont pay astate income taxon their earnings.
The average home price in Texas is reportedly $354,300, well below the national average of $442,451.
The cost of living is 5.8% cheaper than the national average.
North Carolina
North Carolina has also seen a large influx of high-net-worth households.
Its also home toCharlotte, Raleigh and Durham.
Homes sell for an average of $406,900.
Employment opportunities are also rising, with a 1.6% increase in jobs over the past year.
South Carolina
South Carolinas affordability is a big draw for high earners.
The average home price is $389,400, well below the national average.
South Carolinas job market is booming.
Arizona
Another state attracting high earners is Arizona.
While Arizona isnt as affordable as some other states, its job market is growing.
Over the past year, job growth increased by 2.3%.
Arizonas cost of living is 6.4% higher than the national average.
Housing and transportation are more expensive than in other states.
The median price for a home in Arizona is $480,000, moderately higher than the national average.
Its also highly affordable, with a cost of living thats 10.1% cheaper than the national average.
Home prices remain below the national average, with a median sale price of $400,100.
Nevada
Nevada is another state with no taxes on wages.
It also doesnt impose astate corporate tax, making it attractive for many businesses.
The average home price is $461,700, slightly higher than the national average.
Job growth increased by 2.8% over the past year, making it the fifth-fastest-growing job marketin the country.
The cost of living in Idaho is 5.5% higher than the U.S. average.
Housing is more expensive, though groceries, utilities and transportation are much more affordable than in other states.
Idahos average home sale price is $482,500, higher than the national average.
Colorado
Colorado remains attractive for high earners, though its much more expensive than other states on the list.
Colorados job growth is comparable to that of other states.
Over the past year, companies addedmore than 43,000 jobsin the state a 1.5% increase.
Colorado ranks 24th among the fastest-growing job markets in the country.
New Hampshire
New Hampshire is another state that doesnt impose an income tax on wages.
By 2027, it will also repeal its existing tax on dividends and interest.
That makes it attractive for high earners who prefer a cooler climate than the southern states offer.
However, New Hampshire isnt the cheapest state to live in.
Themedian home sale priceis $516,000 nearly 17% higher than the national average.
Job growth is fair, with a 1.4% increase in jobs over the past year.
Data for this article provided bySmartAsset,Best Places,Redfinand theU.S.
Bureau of Labor Statistics.
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