Tens of millions of Americans relocated to a new home in 2022, and the country’s highest earners accounted for a significant portion of those moves.
While high-income Americans relocated to virtually every corner of the country in 2022, this demographic group appears to have some clear preferences on where to live.
Moving is expensive. While variables such as home size and distance impact moving costs, the average price of a relocation for a three-bedroom home is about $2,200, according to estimates based on moving company data. In addition to the costs associated with moving, the leading reason Americans decide to move — specifically to live in a newer, larger, or better home — suggests that, of the tens of millions of people who relocate within the U.S. every year, a large share necessarily have financial resources.
Given these factors, it is perhaps not surprising that high-earners are more likely to move than the typical American. According to five-year estimates from the U.S. Census Bureau’s American Community Survey, there were about 53.7 million people aged 15 and up who earned at least $75,000 a year in 2022 — and that same year, about 10.8% moved to a new home. Meanwhile, only about 8.7% of the total U.S. population relocated in 2022.
While some number of high-earners moved to virtually every corner of the U.S. in 2022, certain parts of the country stand out magnets for Americans in the highest tax brackets.
Using five-year data from the 2022 ACS, 24/7 Wall St. identified the U.S. counties and county equivalents high-income Americans are flocking to. Counties are ranked on the number of residents aged 15 and up with an annual income at least $75,000 who moved in from a different county, a different state, or from abroad in 2022. To focus on places high-earners are moving to, relocations to a new home within a given county were not considered in this ranking.
The 40 counties on this list span 17 states, as well as Washington, D.C. Collectively, these places drew in over 867,000 people with an annual income of at least $75,000 in 2022. Every county on this list reported an influx of at least 12,000 people with an annual income of at least $75,000 in 2022. One of these places drew in more than 44,000 new, high-income residents that year. Nine of these counties are in California, another seven are in Texas, and Florida is also home to four. (Here is a look at the fastest shrinking states in America.)
While these counties are spread across the country, one feature they all share is their location within, or in commuting distance to, a large city. The greater Dallas, New York, San Francisco, and Washington D.C. metro areas, for example, are each home to four counties on this list. Not only are large cities typically well equipped to accommodate influxes of new residents, they also tend to offer a wider range of well-paying jobs, in addition to a high concentration of social amenities and cultural attractions. (Here is a look at the cities no one wants to live in anymore.)
Most of these counties are already home to wealthier populations than much of the rest of the country. In 32 of the 40 counties on this list, the median household income exceeds the national median of $75,149. Cost of living tends to be higher in communities with wealthier populations, and in all but six counties on this list, goods and services are more expensive than they are nationwide — including five counties where consumer prices are over 20% higher than average, according to estimates from the U.S. Department of Commerce.
Why It Matters
Nearly 5.8 million people earning at least $75,000 a year moved to a new home in the U.S. in 2022. While high-income Americans are spread across the country, those who decide to relocate have some clear preferences on where to live. There are only 40 counties nationwide that reported an influx of more than 12,000 people earning $75,000 or more in 2022.
40. Oakland County, Michigan
New high-income residents in 2022: 12,079 (22.8% of new, 15 and older county residents)
Origin of new high-income residents: 57.5% from different county in state; 30.0% from a different state; 12.5% from abroad
Est. cost of living in county: 0.5% more expensive than average
Median household income in county: $92,620
Location: Detroit-Warren-Dearborn, MI metro area
39. Bexar County, Texas
New high-income residents in 2022: 12,365 (13.1% of new, 15 and older county residents)
Origin of new high-income residents: 38.0% from different county in state; 54.0% from a different state; 8.0% from abroad
Est. cost of living in county: 4.0% less expensive than average
Median household income in county: $67,275
Location: San Antonio-New Braunfels, TX metro area
38. Orange County, Florida
New high-income residents in 2022: 12,738 (12.6% of new, 15 and older county residents)
Origin of new high-income residents: 39.7% from different county in state; 47.1% from a different state; 13.2% from abroad
Est. cost of living in county: 0.6% more expensive than average
Median household income in county: $72,629
Location: Orlando-Kissimmee-Sanford, FL metro area
New high-income residents in 2022: 40,251 (30.9% of new, 15 and older county residents)
Origin of new high-income residents: 30.7% from different county in state; 53.3% from a different state; 16.0% from abroad
Est. cost of living in county: 32.6% more expensive than average
Median household income in county: $99,880
Location: New York-Newark-Jersey City, NY-NJ-PA metro area
1. Los Angeles County, California
New high-income residents in 2022: 44,203 (18.6% of new, 15 and older county residents)
Origin of new high-income residents: 40.7% from different county in state; 48.1% from a different state; 11.1% from abroad
Est. cost of living in county: 12.1% more expensive than average
Median household income in county: $83,411
Location: Los Angeles-Long Beach-Anaheim, CA metro area
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