DENVER (KDVR) — We know where they’re from. Now we know how much they make.
The FOX31 Data Desk found in Redfin data that transplants to the Denver area over the last decade have consistently higher housing budgets than locals. Californians from the Bay Area and Southern California cities have been the single-largest slice of the transplant pie every quarter since 2018.
New analysis puts a dollar figure on the new migrants. In 2020, households earning more than $200,000 a year flocked away from California, Illinois, New York and Washington, D.C. for southern and western states. These households are the smallest portion of the nation’s income brackets. Only 7% of the nation’s households file returns of this size.
Colorado is one of the U.S. states that absorbed most of these high-income households, according to a SmartAsset study of migration and tax records.
In 2020, 5,670 high-income households left Colorado, but another 8,294 moved in at the same time, leaving a net gain of 2,624. This was the nation’s seventh-highest net migration of households that make $200,000 or more.
Florida had the highest net gain of high-income households with 20,263, followed by Texas, Arizona, the Carolinas and Tennessee.
High earners mainly fled a small handful of expensive coastal states. New York lost nearly 20,000 of these households, while California lost another 19,229. Illinois lost 8,044, followed by Massachusetts with 2,116 and Virginia with 2,099.
The pattern represents a big shift.
Only a fraction of U.S. states had a net gain or net loss of more than 1,000 high-income households. The states with high gains are largely Sun Belt states, while the ones that lost are located almost exclusively along with East Coast.