Florida Pulls In $137 Billion in Wealth as California and New York Bleed Cash

Where Wealth Is Moving in America

IRS data on domestic migration shows Florida gaining $137 billion in net income from 2019 to 2023, more than the GDP of Hawaii, with newcomers averaging $122,530 a year. Texas followed with $6 billion in 2023 inflows, while California lost $12 billion that year alone and $91 billion over the period, driven by housing costs and taxes. The shift is reshaping housing demand and state tax revenues.