Did you know the IRS tracks the migration pattern of money? Specially, the IRS tracks where people move and how their adjusted gross income (AGI) impacts the new state they call home. This information has been pretty insightful for our group as we think about the job growth and population growth that is occurring in the Southeast US. The data is another strong indicator that our markets are growing with people, jobs, and AGI. You can access this information on HowMoneyWalks.com and see more information provided by Travis H. Brown.
What Does the Data Mean?
The data shows that people are moving to certain regions in the US. People are moving to these regions for a variety of reasons, here are a few: 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 US a great place to invest in multifamily properties as more people move in for new jobs and or a better more affordable lifestyle.