High-income earners are on the move. 🚚
“There’s a correlation between cost of living and migration,” Jaclyn DeJohn, the managing editor of economic analysis at SmartAsset, told Bloomberg. “High-income earners tend to have more flexibility for how and where they operate.”
That flexibility has been aided over the past couple of years by the rise of remote work during the pandemic. Because many people can now work from virtually anywhere, they’re no longer tied to major office hubs in states like California and New York. And as DeJohn said, if someone has the money to relocate, they may be more likely to do so nowadays. While a similar number of people left New York in 2020, California saw its exodus rise from 19,200 people that year.
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