WRE News: Florida is Attracting Six-Figure Earners from Out of State

Miami, FL – June 28, 2023 – Americans seeking to stretch their six-figure incomes are increasingly drawn to Florida, the state that has attracted the highest number of high-income workers earning at least $200,000, according to a recent analysis.

A June study by SmartAsset illustrates the potential savings for highly paid New Yorkers who make the move to Miami while maintaining their current salary: An individual residing in Manhattan with an annual income of $650,000 could save close to $200,000 in living expenses and tax-related costs. San Francisco residents making between $150,000 and $650,000 could save around 24% of their salaries by relocating to Miami, with more favorable tax conditions.

The absence of state income tax in Florida further contributes to lower tax burdens for high-earners compared to other metropolitan areas across the country. A six-figure earner residing in Miami typically faces effective tax rates ranging from 27% to 35%, whereas someone with a similar income level living in Manhattan could be taxed at a rate of 36% to 45%, as per SmartAsset’s analysis.