The Albany Times Union posted a story today about states that are losing population and states that are gaining population.
The article reports:
The 2016 National Movers Study by Fenton, Mo.- based United also found that almost 59 percent of the moves within the eastern United States were outbound.
Where were people moving? Mostly to western states and the Carolinas, with one exception. That exception was Vermont, which ranked second on the list of states with the highest proportion — 67 percent — of inbound moves.
New Jersey and Illinois, like New York, saw outbound moves making up 63 percent of all moves.
The article also posted another interesting statistic:
In New York, inbound millennials were 27 percent of inbound moves and 19 percent of those moving out. But of those over 65, 26 percent were outbound and 20 percent were inbound.
So what is going on here? Millennials in many cases have limited life experience–they don’t realize how high taxes and high real estate prices will impact their standard of living. Also, many of them are in fields where they could potentially earn a large income, and they are not thinking about how much it costs to live in places like New York. The Carolinas have worked hard in recent years to lower taxes and attract businesses in order to keep the cost of living lower. South Dakota has a booming economy because of the oil industry there. As taxes increase in many northeastern states (as they tend to do under Democratic control), it will be interesting to track the migration of Americans. In recent years we have seen many companies move from California to Texas because of tax issues. It will be interesting to see if that trend continues.