People all over the country are making big moves, whether it’s to a major city for a new job or simply to wherever they can get more bang for their buck.
U-Haul recently released its Growth Index, which highlights the U.S. states that saw the largest number of movers in one-way U-Haul equipment in 2023.
The report found that for the fourth year in a row, California had the largest net loss of one-way movers.
In recent years, California has seen a mass migration out off the state — a phenomenon that people call the “California Exodus.”
Between April 2020 and July 2022, The Los Angeles Times reported the number of people moving out of California was more than 700,000.
One factor is the continuously rising cost of living in California, especially in major cities like San Jose, where residents pay an average of $3,504 in monthly expenses, or 71.2% higher than the national average.
For the sixth time in eight years, Texas is the No. 1 growth state. DIY movers accounted for 50.4% of all one-way U-Haul traffic arriving in Texas.
The Southern state has become a growing base for different industries including tech and aerospace. As of 2022, Texas leads the nation as home to the most Fortune 500 companies.
53 Fortune 500 companies have corporate headquarters in the state and Houston and Dallas are in the top five municipalities in the country, with 21 and 11 companies respectively.
Texas is considered a tax-friendly state because it does not collect any income taxes, according to SmartAsset. Instead, the state does have significant property and sales taxes.
For the second year in a row Florida takes the No. 2 spot on the list. The Sunshine State has been in the top-four growth state for nine years in a row, according to U-Haul.
The last time it was in the No. 1 spot on the Growth Index was in 2019.
Similar to Texas, Florida has no state income tax and none of the cities in the state charge a local income tax.
Since residents of Florida typically enjoy a lower cost of living, it’s no wonder that the state continues to attract high-income earners. The state gained the largest number of high-income workers who make at least $200,000, according to a 2023 SmartAsset report.
Despite the continuing rise in rent and house prices in Florida, it is still a state where one could potentially save money by moving there.
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