Taxpayers changed addresses
New York State taxpayers changed their addresses to out of state addresses in recent years, with a noticeable increase after the start of COVID-19 in 2020.
Millionaires changed addresses
The impact of the COVID-19 pandemic is even more noticeable on millionaires, who were even more likely to change to out of state addresses during that period.
|Tax year||Number of millionaire filers who left the state||Change||Percent change|
Outmigration of millionaires has increased over the years, with the wealthiest millionaires (those with incomes greater than $25 million) relocating at increased rates in 2021.
IRS data shows that population outflow is concentrated in people between the ages of 26 and 44 and those with higher incomes.
Recent New York State net outflow by income and age groups
IRS state-to-state migration data: 2019–2020
Headed for New Jersey
IRS data shows that New Yorkers relocating out of state are most likely to move to New Jersey. Others have relocated to other neighboring states, warmer states, and states with lower tax rates.
At the same time, people are moving into New York State from similar states.
For comparison purposes, the graph below shows inflows and outflows from the same ten states that New Yorkers were most likely to move to.
10 States of largest net outflow of individuals from New York State
Individual income tax returns: state-to-state migration outflow for selected income items, calendar years 2019–2020
Source: IRS Individual Master File, Statistics of Income, May 2022
Inflow and outflow over time
Population inflows and outflows from New York State increase over time, with net outflows peaking in 2019–2020, the last year for which IRS data is available.
Millionaires tend to migrate out of the state when they are older.