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The top states people are migrating to for affordable housing, job opportunities

Yahoo Finance Live anchors discuss the latest Census data showing that Americans are moving from California, New York, and Illinois to states such as Florida, Texas, and North Carolina.

Video Transcript


SEANA SMITH: The trend that started in 2020 of people moving out of densely populated states with big cities to smaller, more rural areas, that continued last year in 2022. Now, the states that had the most people moving in were Florida, Texas, South Carolina, North Carolina, and Tennessee. On the flip side, states that experienced an exodus, California, New York, Illinois, New Jersey, and Massachusetts.

This obviously isn't really a huge surprise given the conversations that we've been having within the real estate community with builders, with agents, with economists there, Dave. But of course, when you take a look at the list of those cities to, affordability clearly the driving issue here. A lot of those states that people are moving to, those cities are more affordable.

There's been a number of lists that have come out saying that in this environment, in this current landscape right now with mortgage rates creeping higher, with the fact that housing prices have jumped so significantly since the start of the pandemic, we certainly have seen a shift with where people want to live.

DAVID BRIGGS: And will this trend continue? I believe it will continue for years to come, in particular that migration down to the Southeast, where more jobs, more affordable homes, better way of life. And I also look at where those people are moving from. And as you pointed out, California, New York, Illinois jump out.

Why? When you talk to people down in Florida, they are loving the influx of hedge funders. They say Ken Griffin himself has changed the real estate values down there in that area near South Beach. California, they're enacting-- or trying to pass new tax laws that will actually claw back money from billionaires that left the state of California a year, two, or even three years later.

And then I get to New York. And New York is the real capital here because the numbers of New Yorkers earning between $150k and $750k fell by 6% in the pandemic. And those making $750,000 or more fell by 10% in the pandemic.

What does that do to your tax bracket? It crushes it. Who left New York? Largely speaking, the wealthy, the people that had the money to go to the suburbs left, and that's had a dramatic impact on New York City. And I don't know how you replace those high earners. That's a big problem.

SEANA SMITH: You don't. It's a massive problem. We've heard about it a number of times when it comes to New York specifically. But also just the number of companies, you mentioned Citadel, they're moving to Florida.

We know a number of larger corporations have moved to Texas, which, of course, has had a huge influx in the number of workers there. So people seriously taking a step back, companies taking a step back, reevaluating where their headquarters are, and making the most important decision for not only their business, but also for their employees as well.

DAVID BRIGGS: Transforming the real estate map as well.