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« Trivia Tidbit of the Day: Part 684 -- Newspapers Continue Their Slide. | WILLisms.com | Trivia Tidbit of the Day: Part 686 -- Virginia's Gubernatorial Race. »

Trivia Tidbit of the Day: Part 685 -- High Income People Moving From New York To Texas.

Taxes Killing New York Slowly But Surely-

The Empire Center in New York has a new study out showing how that state is losing its citizens to other states, like Florida and Texas:


It is not poor and desperate folks leaving, it's the skilled folks with relatively high incomes, bringing their college degrees and corresponding skills with them (unfortunately, they also bring their liberal ideology far too often).

The average New Yorker moving to Texas makes more than $60,000 annually, which is well above both the national median income and the Texas median income. These are the IBM engineers and the young 20-somethings and 30-somethings with MBAs and law degrees. They are moving not just for warmer weather, but for the opportunity found in lower tax states.

Lesson for New York and other high tax, high out-migration states: Eventually, those middle class and entrepreneurial class folks leaving your state are going to drain your tax base, your creative class, and your very soul. Civilization moves where it is treated well. Right now, it is moving to low tax states like Texas.

From 2000 to 2008, Florida had the most net in-migration, Texas had the second most, and Arizona had the third most. Over the past couple of years, Texas has the most.

Makes sense, then, that there is a "Texas Premium" for U-Haul rentals:

Want to move from Chicago (9.7% unemployment) to Houston (8.4% unemployment)? It will cost you $1,970. But it will cost only $449 to make the trip from Houston to Chicago. Los Angeles (11.8% unemployment) to Houston was $2,051, while Houston to Los Angeles was only $555.

San Francisco (10.7% unemployment) to Dallas (8.3% unemployment) will cost you $1,988. But the opposite will cost only $689. Boston to Dallas was $2,134, while Dallas to Boston was only $634.

Miami (10.8% unemployment) to Austin, Texas (7.2% unemployment), will cost $1,706. But the reverse will cost only $827. Similarly, Phoenix to Austin will cost $1,490, while Austin to Phoenix will cost only $654.

We might call these differences the "Texas premium" because regardless of location -- East Coast, West Coast or somewhere in between -- the migration appears to be to Texas. U-Haul is lowering the price drastically for anyone who is willing to move the equipment back.

Ideas matter.


Previous Trivia Tidbit: Newspapers Failing.

Posted by Will Franklin · 28 October 2009 03:55 PM