The top 10 states where upper-middle-class Americans are moving are located in the South and the West. Six were in the South, including top-ranked Florida.
Noteworthy in SmartAsset's ranking are that the top two states, Florida and Texas, have no state income tax. As well, states in the Northeast are losing these residents, as four out of the five bottom states are Pennsylvania, Massachusetts, New Jersey, and New York. These states have net outflows ranging from about 1,800 to about 6,800, and an average net outflow of approximately 3,267.
As you look to make intelligent decision that can help boost the balance in your savings account, it’s important to do your research before you eliminate any possible locales. After all, trends might indicate that certain places are more popular for your demographic than you might think and thus conducive to your lifestyle. For instance, the rich and the retired aren’t the only groups moving to Florida. From 2015 to 2016, the Sunshine State actually saw a significant net inflow of 10,266 upper-middle-class people as well, which makes it the top destination for individuals with incomes between $75,000 and $100,000.