Florida gained more wealth from high-earning newcomers than any other state in 2023, according to newly released data from the Internal Revenue Service.

In 2023, Florida gained $20.65 billion in annual adjusted gross income from tax filers who moved there from another state within the U.S., according to a Realtor.com® analysis of the IRS migration data.

Other states that saw the biggest gains in net income from out-of-state moves included Texas (+$5.5 billion), South Carolina (+$4.1 billion), North Carolina (+$3.9 billion), Tennessee (+$2.8 billion), and Nevada (+$1.5 billion).

Meanwhile, states notorious for high cost of living lost the most resident income through moves to other states, led by California (-$11.9 billion), New York (-$9.9 billion), Illinois (-$6.0 billion), Massachusetts (-$4.02 billion), and New Jersey (-$2.56 billion).

In 2023, Florida gained $20.65 billion in annual adjusted gross income from tax filers who moved there from another state within the U.S. oldmn – stock.adobe.com

“This trend from a few years ago is quite similar to the trend we’re still seeing: People are moving in pursuit of affordability,” says Realtor.com senior economist Joel Berner. “The states that saw the largest gains in wealth of movers are the ones that are doing the most to increase the supply of homes and thereby lower prices.”

Berner notes that states like Florida, Texas, Arizona, Idaho, the Carolinas, and Tennessee excel in new construction, making it easier for people to find homes they can afford. Meanwhile, California and New York lag far behind.

The new IRS data shows that Florida’s Palm Beach County was the epicenter for wealth migration in 2023, gaining $3.04 billion in net income from movers.

Map of the U.S. showing changes in adjusted gross income by state due to migration, with states like California and New York losing billions, while Florida and Texas gained billions. Realtor.com

The average taxpayer who moved to Palm Beach County in 2023 reported income of $178,085, nearly double the average income of $98,527 for those who moved out of the county.

“Florida attracts more high-income earners than any other state,” Gay Cororaton, chief economist for the Miami Realtors®, wrote in an article breaking down the new data.

Cororaton noted that in 2023, the average income of people who moved to Florida from another state was $122,530, the highest among all U.S. states.

Following Florida for the highest-income movers in 2023 was Connecticut ($100,822), New Hampshire ($109,000), and New Jersey ($102,190).

Bar chart showing net migration to Florida and Texas from 2010 to 2025, indicating a decline in 2025. Realtor.com

Florida and Texas still growing through moves, but more slowly

Separate data from the U.S. Census Bureau shows that Florida and Texas, the boom states of the COVID-19 pandemic, are continuing to grow through domestic migration, but at a much slower pace.

Florida gained a paltry 22,517 new residents from net domestic migration in 2025, down 93% from its peak in 2022, and the lowest annual gain since 2010 in the aftermath of the Great Recession.

Texas was also down, although not as severely, with net domestic migration of 67,299 last year, a decline of 69% from the 2022 peak.

Florida gained a paltry 22,517 new residents from net domestic migration in 2025, down 93% from its peak in 2022. Nancy Pauwels – stock.adobe.com

It’s likely that the pandemic pulled forward migration to these popular states, compressing multiple years of expected migration into a shorter window.

Relative to their population sizes, South Carolina, Idaho, and North Carolina saw the most growth in 2025 from net domestic migration, or the number of people moving in from another state minus those moving out.

Meanwhile, the states that shrank the most from net domestic migration outflows (meaning more people moved out than in) included New York, Hawaii, Alaska, and California.

Housing affordability may play a large role in these trends, with the Carolinas ranking highly in a recent Realtor.com study of state-by-state affordability, and the states seeing the biggest outflows among the least affordable in the nation.