People move for a variety of reasons, including job opportunities, family, lifestyle, and retirement. In recent years, there has been a trend of people moving from high-cost states to lower-cost states. Of course, the biggest factor leading to relocation has been the boom of the virtual workplace. Since the pandemic, many employers have realized that having their workforce working remotely has led in increased efficiency and happier employees. Needless to say, states such Florida have seen a spike in population due to these shifts. On the flip side, some state have seen many of their residents hitting the exits. We discuss some of the top states that people are moving from below.
Which states are people leaving and why?
California: California is the most populous state in the United States, but it is also one of the most expensive. The high cost of living, combined with high taxes and strict regulations, is driving many people out of the state. In 2023, California had a net loss of over 101,000 households.
New York: New York is another high-cost state that is seeing a lot of people move out. The high cost of living, combined with the cold winters, is making New York less attractive to some residents. In 2023, New York had a net loss of over 63,000 residents.
Illinois: Illinois is facing a number of challenges, including high taxes, a large budget deficit, and an underfunded pension system. These challenges are making it difficult for the state to attract and retain residents. In 2023, Illinois had a net loss of over 32,000 residents.
New Jersey: New Jersey is another state that is struggling with high taxes and a high cost of living. These factors are making it difficult for the state to compete with other states for residents. In 2023, New Jersey had a net loss of over 70,000 residents.
Connecticut: Connecticut is a small state with a high cost of living. The state is also facing a number of economic challenges, which is making it difficult for some residents to stay. In 2023, Connecticut had a net loss of over 60,000 residents.
These are just a few of the top states that people are moving from. There are many other factors that can influence people’s decision to move, such as job opportunities, family, crime, and lifestyle. However, the high cost of living is a major factor that is driving people out of many states. Needless to say, Florida continues to lead the way as one of the most popular destinations to relocate to. The Sunshine State is home to a number of beaches and theme parks, which make it a popular destination for retirees and families. Of course, the lack of a state income tax in Florida continues to be a big draw. In 2023, Florida had a net gain of over 249,000 residents.