Connecticut
How America Moves · Connecticut, United States · 2 mo ago
OTHR$25k–$50k/yrFull-time
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Analysis of Connecticut’s state-to-state migration of people and income for the 2022–2023 federal tax-filing years.
Key Metrics (2023)
- Cost of living: 4% above U.S. average (index 104)
- Median home value: $343,200 (national: $303,400)
- Home-price appreciation over 5 years: +48.3%
- Median rent: $1,431/month (national: $1,348)
- Homeownership rate: 66% (national: 65%)
- Unemployment rate: 3.2% (national: 3.6%)
- Median household income: $93,760 (national: $78,538)
- Median age: 41.2 years (national: 38.7)
Migration Overview (2022–2023)
- Net loss of 6,281 tax-filing households and 5,464 individuals
- Net outflow: 1.5 people per 1,000 residents (population: 3,617,176)
- Net loss of $495.3M in adjusted gross income (AGI, nominal dollars)
Largest inflow: 15,535 households from New York. Largest outflow: 10,486 households to New York.
Income Flow
- Total AGI moved in: $5.4B
- Total AGI moved out: $5.9B
- Net AGI loss: $495.3M (nominal)
Top Origin States (Inbound Migration)
- New York: 15,535 households, $2.4B AGI
- Massachusetts: 6,006 households, $519.7M AGI
- Florida: 4,519 households, $400.3M AGI
- New Jersey: 2,242 households, $293.8M AGI
- California: 2,146 households, $244M AGI
Top Destination States (Outbound Migration)
- New York: 10,486 households, $1.2B AGI
- Florida: 7,668 households, $1.2B AGI
- Massachusetts: 6,467 households, $556.4M AGI
- California: 2,534 households, $312.2M AGI
- North Carolina: 2,442 households, $228.2M AGI
Two-Way Migration Churn
- New York: 15,535 in, 10,486 out (net +5,049 households, +$1.2B AGI)
- Massachusetts: 6,006 in, 6,467 out (net -461 households, -$36.7M AGI)
- Florida: 4,519 in, 7,668 out (net -3,149 households, -$810.1M AGI)
- California: 2,146 in, 2,534 out (net -388 households, -$68.3M AGI)
- New Jersey: 2,242 in, 2,060 out (net +182 households, +$63.8M AGI)
Net Migration by Year (2012–2023)
- 2012: -$2B AGI, -12,088 people
- 2013: -$1.8B AGI, -15,453 people
- 2014: -$1B AGI, -17,658 people
- 2015: -$1.3B AGI, -12,848 people
- 2016: -$2.7B AGI, -20,179 people
- 2017: -$2.1B AGI, -19,856 people
- 2018: -$1.1B AGI, -14,449 people
- 2019: -$1.6B AGI, -11,960 people
- 2020: -$281.7M AGI, -3,183 people
- 2021: +$44.9M AGI, +527 people
- 2022: -$1B AGI, -6,616 people
- 2023: -$495.3M AGI, -5,464 people
Cumulative net loss (2012–2023): -$15.4B AGI, -139,227 people.
Migration in Context
- Population (2023 estimate): 3,641,369
- Net migration rate: 1.5 net people lost per 1,000 residents
- Net income loss per resident: -$136 (nominal)
Components of population change (2023 Census estimates):
- Births: +35,082
- Deaths: -33,014
- Net domestic migration: -6,498
- Net international migration: +27,669
- Total change: +22,662
Income and Cost of Living
- Income per person: $90,235 (29% above U.S. average)
- Price level: 104.2 (4.2% above U.S. average)
- Purchasing power: $86,597 (24% above U.S. average)
Price parity by category (index where 100 = U.S. average):
- Housing & rents: 116.6
- Goods: 98.6
- Utilities: 153.2
- Other services: 103.0
Demographics
- Median age: 41.2 years
- Median household income: $93,760 (19% above U.S. median)
- College degree (adults 25+): 42%
- Poverty rate: 10.0%
- Average commute: 27 minutes
- Broadband at home: 91% of households
Race and ethnicity (share of residents):
- White: 63%
- Hispanic: 18%
- Black: 10%
- Asian: 5%
- Other: 5%
Housing
- Median home value: $343,200 (13% above U.S. median)
- Median rent: $1,431/month (6% above U.S. median)
- Homeownership rate: 66%
- Home-price appreciation (past year): +10.4%
- Home-price appreciation (past 5 years): +48%
- New housing units authorized (2023): 6,272 (33% single-family, 67% multifamily)
Local Economy and Risk
- Unemployment rate (2023): 3.2%
- Labor force: 1,909,214 (1,848,062 employed)
Migration by Income Bracket (2022–2023)
- $1–$10k: +363 households (net), -$1.9M AGI
- $10k–$25k: +855 households (net), -$16.1M AGI
- $25k–$50k: +1,675 households (net), -$62.2M AGI
- $50k–$75k: +676 households (net), -$41.4M AGI
- $75k–$100k: +708 households (net), -$59.9M AGI
- $100k–$200k: +1,126 households (net), -$156.5M AGI
- $200k+: +679 households (net), -$160.7M AGI
Among $200k+ earners, Connecticut ranks #37 of 51 states for net household migration (-679).
Goods Trade (2022)
- Shipped to other states: $120.