Florida

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Overview

Between the 2022 and 2023 filing years, Florida saw a net gain of 54,902 tax-filing households and a net gain of 113,945 individuals. Against a population of about 22,610,726, that is a net inflow of about 5 per 1,000 residents. On net, the area gained $20.6B in associated adjusted gross income (AGI, nominal dollars).

• Cost of living: 4% above the U.S. average
• Median home value: $325,000 (national: $303,400)
• Home prices: +72.2% over the 5 years to 2023
• Monthly rent: $1,564 (national: $1,348)
• Homeownership rate: 67% (national: 65%)
• Unemployment rate: 2.9% (national: 3.6%)
• Median household income: $71,711 (national: $78,538)
• Median age: 42.6 years (national: 38.7)

Migration Data (2022–2023)

• Net income (AGI): +$20.6B nominal dollars
• Net households: +54,902 tax returns
• Net people: +113,945 exemptions
• Net people per 1,000 residents: +5.0

Income (AGI) in and out:

• Moved in: $44B
• Moved out: $23.4B
• Net: +$20.6B (nominal)

Top Origin States

• New York: 43,187 households, $5.8B AGI
• Georgia: 23,475 households, $2.1B AGI
• California: 20,241 households, $2.6B AGI
• New Jersey: 20,113 households, $3B AGI
• Texas: 20,050 households, $1.8B AGI
• Pennsylvania: 16,395 households, $2B AGI
• Illinois: 14,834 households, $3.3B AGI
• North Carolina: 14,530 households, $1.4B AGI
• Virginia: 14,194 households, $1.7B AGI
• Ohio: 13,170 households, $1.6B AGI

Top Destination States

• Georgia: 28,263 households, $1.8B AGI
• Texas: 24,196 households, $1.7B AGI
• New York: 22,011 households, $2B AGI
• North Carolina: 20,553 households, $1.6B AGI
• California: 14,113 households, $1.3B AGI
• Tennessee: 12,505 households, $945.3M AGI
• Virginia: 12,414 households, $1B AGI
• Pennsylvania: 11,056 households, $801.7M AGI
• Ohio: 10,564 households, $757.8M AGI
• South Carolina: 9,651 households, $705.6M AGI

Churn by State (Two-Way Exchanges)

The biggest two-way exchanges of filing households, 2022–2023:

• New York: 43,187 in, 22,011 out (+21,176 net, +$3.8B AGI)
• Georgia: 23,475 in, 28,263 out (-4,788 net, +$303.4M AGI)
• Texas: 20,050 in, 24,196 out (-4,146 net, +$144.2M AGI)
• North Carolina: 14,530 in, 20,553 out (-6,023 net, -$190.6M AGI)
• California: 20,241 in, 14,113 out (+6,128 net, +$1.3B AGI)
• New Jersey: 20,113 in, 9,047 out (+11,066 net, +$2.2B AGI)
• Pennsylvania: 16,395 in, 11,056 out (+5,339 net, +$1.2B AGI)
• Virginia: 14,194 in, 12,414 out (+1,780 net, +$669.4M AGI)
• Illinois: 14,834 in, 9,299 out (+5,535 net, +$2.4B AGI)
• Ohio: 13,170 in, 10,564 out (+2,606 net, +$820.3M AGI)

Net Migration by Year (2012–2023)

Net AGI and net people by year (nominal dollars):

• 2012: +$7.5B AGI, +43,486 people
• 2013: +$8.3B AGI, +74,094 people
• 2014: +$10.7B AGI, +115,721 people
• 2015: +$11.6B AGI, +116,033 people
• 2016: +$17.4B AGI, +190,944 people
• 2017: +$15.5B AGI, +192,338 people
• 2018: +$16.2B AGI, +121,224 people
• 2019: +$17.6B AGI, +128,214 people
• 2020: +$23.7B AGI, +169,063 people
• 2021: +$39.2B AGI, +257,487 people
• 2022: +$36.1B AGI, +246,100 people
• 2023: +$20.6B AGI, +113,945 people

Total net migration (2012–2023): +$224.5B AGI, +1,768,649 people.

Migration in Context

In the 2022–2023 filing year, about 113,945 more people moved into Florida than left (counting tax filers and their dependents) — a net gain of about $20.6B in income (nominal) — in a state of 22,929,248 people.

• Population: 22,929,248 (Census 2023 estimate)
• Net migration rate: +5.0 net people per 1,000 residents
• Net income per resident: +$899 nominal dollars (≈ +$20.6B total)

Components of Population Change (2023)

• Births: +224,378
• Deaths: 231,949
• Net domestic migration: +183,646
• Net international migration: +333,449
• Total change: +515,259

Income & Cost of Living

Prices in Florida run about 4% above the national average. In plain terms: $100 spent here buys about what $96 buys in the average American community.

• Income per person: $70,057 (0% above U.S. average)
• Price level: 103.6 (100 = U.S. average)
• What that income buys: $67,599 (3% below U.S. average)

Price parity by category (index where 100 = U.S. average):

• Housing & rents: 123.2
• Goods: 98.2
• Utilities: 93.7
• Other services: 101.5

Demographics

• Median age: 42.6 years
• Median household income: $71,711 (9% below U.S. median)
• College degree: 33% of adults 25+