How Money Walks – 2021 Update

Banner Image

About a year ago I shared an article regarding how the IRS tracks the migration pattern of household income across the U.S. Specifically, the IRS tracks where people move and how their adjusted gross income (AGI) impacts the new state they call home. This information has been insightful for our group as we monitor the population and job growth that is occurring in the Southeast U.S. The data is another powerful indicator that our markets are growing with people, jobs, and AGI. You can access this, and other interesting economic information, on by Travis H. Brown, co-author of the New York Times and USA Today bestseller An Inquiry into the Nature and Causes of the Wealth of States. 

U.S. Income Migration Numbers 

In the U.S. high-level chart, you see the states in green where billions of dollars are flowing into that state and the states in red where billions of dollars are flowing out of that state. As the saying goes, “A picture is worth a thousand words.” Check out the states in the Southeast U.S. and Texas where we are actively investing in and actively trying to buy assets. This data supports the high-level economic indicators that allow our target investing markets to remain fundamentally sound.  

What Does the Data Mean?

The data shows that people are moving to certain regions in the U.S. People are moving to these regions for a variety of reasons, a few of which are as follows: lower or no state income tax, new jobs in states with friendlier business tax code, warmer year-round climate, more affordable cost of living, and improved lifestyle benefits. The data supports our high-level market indicators that make the Southeast U.S. a great place to invest in multifamily properties as more people move in for new jobs and or a better, more affordable lifestyle.