Source: Fox Business —
With rising mortgage rates and home prices staring homeowners down in 2023, Sun Belt residents are expressing their gratitude for making the historic exodus when they did.
“The people are nice, you can’t beat the weather and just the climate here, and the business is wide open,” former Colorado business owner Gary Rademacher told FOX Business’ Ashley Webster from Clearwater, Florida, on “Mornings with Maria” Tuesday.
A growing number of Americans migrated from predominantly blue states with steep taxes, like California and New York, to red states with lower taxes like Florida and Texas in 2022, according to a Bank of America analyst note that is based on findings from U.S. Census Bureau data and U-Haul rates.
The South, which has states with some of the lowest individual income taxes in the country, was the fastest-growing region. Its population increased far faster than the national average, jumping by about 1.1% – or roughly 1.4 million people last year – a phenomenon described as the “Sun Belt migration.” The region also benefited from about 870,000 Americans who left other parts of the country for warmer climates and lower taxes.
By state, Texas, Florida, North Carolina, Georgia, Arizona, South Carolina and Tennessee led the migration growth, according to the analyst note led by Rafe Jadrosich. In total, Florida saw its population grow by 319,000, while Texas saw an increase of 231,000.
