Tips for Managing Your Money in the Upper-Middle Class Then, we ranked all 50 states, along with Washington, D.C., by this net figure. We found the inflows and outflows for people earning between $100,000 and $200,000 and subtracted the outflows from the inflows to calculate the net migration. To find out where upper-middle-class people are moving, SmartAsset compared data from tax returns between 20 for every state and Washington, D.C. Those interested in moving there might wish to note that the Rocky Mountain State has a flat income tax of 4.63% and relatively low property taxes. Those in Washington seeking a financial advisor firm to work with may wish to consult SmartAsset’s list here.Ĭolorado gained 2,580 upper-middle-class residents between 20. This factor could be one contributor to the increase in upper-middle-class residents by 2,593 from 2017 to 2018. Washington State is another state with no income tax. The Silver State gained 2,644 upper-middle-class citizens from 2017 to 2018. Nevada is another state offering no income tax, which is a strong incentive for people making higher incomes. That may explain, in part, the appeal of the state, which saw a net migration of 2,708 upper-middle-class people between 20. Though Idaho has fairly high income taxes, it has low property taxes and is actually one of the best states for homeowners. The Volunteer State gained 3,215 upper-middle-class people from 2017 to 2018. Tennessee is another state that does not tax salaries or wages (but there are taxes on interest and dividend income). The Palmetto State saw an increase of 4,927 upper-middle-class people from 2017 to 2018.
South Carolina has among the lowest property tax rates in the nation, so high-income earners can buy their dream house without worrying about being overwhelmed by taxes. North Carolina has several big cities, access to many beaches and a flat income tax rate of 5.25%, all of which could be attractive to people with incomes from $100,000 to $200,000. North Carolina saw a net gain of 6,002 upper-middle-class people over the time period we considered for this study. The net migration of upper-middle-class people to the state from 2017 to 2018 was 6,685. Again, the lack of income tax in the Lone Star State may account, in part, for this influx.Īrizona does have income tax, but it’s among the lower rates in the nation, topping off at 4.50% for incomes higher than $159,000. Texas saw a net gain of 6,706 upper-middle-class people from 2017 to 2018. New or prospective Florida residents may wish to consult SmartAsset’s list of the state’s top financial advisor firms. The net migration of upper-middle-class people to Florida between 20 was 18,876, nearly three times as many as the next closest state.
Furthermore, Tennessee does not have a personal income tax but does tax some dividends and interest.įlorida’s warm weather and lack of a state income tax may be why so many upper-middle-class people want to move there. Two other states – North Carolina and Colorado – have a flat rate income tax. Four states in our top 10 – Florida, Texas, Nevada and Washington – have no income tax.
Upper-middle-class Americans are gravitating toward tax havens.According to Census regional divisions, half of our top 10 states are in the American South (Florida, Texas, North Carolina, South Carolina and Tennessee), and the other half are in the West (Arizona, Idaho, Nevada, Washington State and Colorado). The South and West dominate the top of the list.This is SmartAsset’s second study on where upper-middle-class people are moving. For details on our data sources and how we put all the information together to create our final rankings, check out the Data and Methodology section below. To find where upper-middle-class people are moving, SmartAsset analyzed inflows and outflows of people in this income range in every state as well as Washington, D.C.
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