Americans have plenty of different reasons to move. Sometimes they relocate out of necessity, to find space for a growing family or to start a new job, and sometimes people choose to try putting down roots in a different location.
A desire for new or better housing was the most popular reason for moving in 2023 among the middle class, according to a HireAHelper.com analysis of Census Bureau data.
Just under 9% of American households in the middle 60% of earners — those making between $30,000 and $150,000 a year — moved in 2023, the study found. Of those, almost 14% said they did so because they wanted new or better housing, and around 10% said they went in search of a more affordable place to live.
While over half (57%) of the middle-income households who moved stayed in the same county, nearly 25% moved to a different county in the same state. About 18% moved across state lines, HireAHelper says.
Regardless of their reasons, middle-earners moved to Florida in droves: Five of the 10 metros with the largest gains in middle-income folks are located in the Sunshine State. Port St. Lucie, Florida, saw the fastest increase of middle-class residents. That population grew by 88% there, HireAHelper finds.
Here are the 10 places with the largest net gains in middle income residents in 2023:
Florida may be particularly attractive for middle-class Americans due to its lack of state income tax and lower cost of living relative to other coastal states.
But while a fairly booming economy earned it the No. 5 spot on CNBC’s 2024 Best States for Business ranking, a rising cost of living — due largely to skyrocketing home insurance costs — has weakened the state’s reputation for affordability.
A single adult without children would need to make about $46,000 a year to live comfortably in Port St. Lucie, according to estimates from Massachusetts Institute of Technology’s living wage calculator. That’s well below the $59,400 median annual wage U.S. workers earn in 2024, per the Bureau of Labor Statistics.
Florida routinely ranks as a top destination for retirees, and Port St. Lucie may be especially attractive for older Americans. More than 1 in 5 residents there are over age 65, according to the Census Bureau.
Are you stressed about money? Sign up for CNBC’s new online course. We’ll teach you how to be more successful and confident with your money, and practical strategies to boost savings, get out of debt and invest for the future. Start today and use code EARLYBIRD for an introductory discount of 30% off through September 2, 2024.
Plus, sign up for CNBC Make It’s newsletter to get tips and tricks for success at work, with money and in life.
Read the full article here