Vermont

Between the 2022 and 2023 tax-filing years, Vermont experienced migration trends among federal income tax filers, reflecting movements of people and adjusted gross income (AGI).

Migration Overview

• Net loss of 370 tax-filing households
• Net gain of 27 individuals (exemptions)
• Net gain of $87.4M in AGI (nominal dollars)
• Net inflow of 0 people per 1,000 residents (population: 647,464)

Largest inflow of households came from New York (1,566 households), while the largest outflow went to New York (1,546 households).

Income Movement

• Total AGI moved in: $934.8M
• Total AGI moved out: $847.4M
• Net AGI gain: +$87.4M

Top Origin States (2022–2023)

• New York: 1,566 households, $122.1M AGI
• Massachusetts: 1,540 households, $172.3M AGI
• New Hampshire: 1,243 households, $78.2M AGI
• Florida: 778 households, $67M AGI
• Connecticut: 579 households, $50.6M AGI

Top Destination States (2022–2023)

• New York: 1,546 households, $103.5M AGI
• New Hampshire: 1,353 households, $87.4M AGI
• Massachusetts: 1,339 households, $96.1M AGI
• Florida: 1,043 households, $107.1M AGI
• North Carolina: 537 households, $39.5M AGI

Churn by State (Two-Way Migration)

The largest two-way exchanges of filing households:

• New York: 1,566 in, 1,546 out (Net: +20 households, +$18.6M AGI)
• Massachusetts: 1,540 in, 1,339 out (Net: +201 households, +$76.2M AGI)
• New Hampshire: 1,243 in, 1,353 out (Net: -110 households, -$9.1M AGI)
• Florida: 778 in, 1,043 out (Net: -265 households, -$40M AGI)

Net Migration by Year (2012–2023)

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

• 2012: -$87.3M AGI, -1,260 people
• 2013: +$6.3M AGI, -898 people
• 2014: -$96.4M AGI, -1,285 people
• 2015: -$45.9M AGI, -1,083 people
• 2016: -$31.9M AGI, -1,726 people
• 2017: +$42M AGI, +36 people
• 2018: +$19.3M AGI, -519 people
• 2019: -$28.5M AGI, -1,343 people
• 2020: +$448.5M AGI, +3,131 people
• 2021: +$365.2M AGI, +3,043 people
• 2022: +$270.5M AGI, +1,337 people
• 2023: +$87.4M AGI, +27 people

Demographics and Cost of Living

• Median age: 43.0 years
• Median household income: $78,024 (1% below U.S. median)
• College degree: 43% of adults 25+
• Poverty rate: 10.3%
• Cost of living: 3% below U.S. average
• Median home value: $290,500 (4% below U.S. median)
• Median rent: $1,193 (11% below U.S. median)
• Homeownership rate: 73%
• Home-price appreciation (past 5 years): +58%

Economic Indicators

• Unemployment rate (2023): 1.9%
• Labor force: 349,476 (342,686 employed)
• Income per person: $67,918 (3% below U.S. average)

Migration by Income Bracket (2022–2023)

• $1–$10k: +59 households (Net AGI: -$27K)
• $10k–$25k: +22 households (Net AGI: -$354K)
• $25k–$50k: +399 households (Net AGI: -$15.4M)
• $50k–$75k: +217 households (Net AGI: -$12.6M)
• $75k–$100k: +34 households (Net AGI: -$2.7M)
• $100k–$200k: +132 households (Net AGI: +$19.6M)
• $200k+: +222 households (Net AGI: +$99.7M)

Goods Trade (2022)

• Shipped to other states: $15.3B (+15% since 2017)
• Received from other states: $21.2B (+37% since 2017)
• Net balance: -$5.9B

Top goods shipped out:

• Other prepared foodstuffs and fats/oils: $4.0B
• Electronic/electrical equipment: $3.0B
• Machinery: $1.6B

Top trading partners (both ways):

• New York: $1.9B shipped, $4.1B received (Net: -$2.2B)
• Massachusetts: $1.6B shipped, $4.2B received (Net: -$2.6B)
• New Hampshire: $981M shipped, $2.1B received (Net: -$1.1B)