Across the country, Americans have been keeping a careful eye on taxes lately. The Federal Reserve paused their rate hikes last month but another increase is expected in July. So it's no wonder that Americans might be considering moving to a different state altogether to relieve their financial woes.
Moving between states has been especially popular for the last few years, even without rate hikes. Americans have been seeking not just more cash in their pockets, but also a better lifestyle since the pandemic. In 2022 alone, the Census Bureau found that 26 states saw a large influx of Americans migrating to their region. Meanwhile, the remaining 24 states saw higher numbers of those leaving it. When you zoom in, the a recent report by the Internal Revenue Service (IRS) found that Americans are making large moves from historically higher-taxed states such as California and New York.
