During 2015 and 2016, more income migrated to Collier County (Naples area) and Lee County (Ft. Myers area) than the entire state of Texas. Florida has a warm climate and no income taxes, making it an enticing place to call home for people with large incomes. Especially if they are leaving states with high income taxes. 

“How Money Walks,” a book and website of the same name, has been created using information gathered by the IRS on wealth migration.  In all, the income of people moving to Florida in 2015 and 2016 was $17.4 billion more than the income of people moving out of state. Collier County’s net “in-migration” was $1.7 billion in annual income.  The largest share of that wealth is coming from residents from Illinois, New York, Connecticut and New Jersey. 

The demographics of those moving to Naples tend to be affluent, so local businesses and charities benefit from the new residents.  Because recent changes to federal laws mean money paid in state income taxes is no longer deductible for federal tax purposes, we can expect the in-migration to continue and probably increase. 

Source: Naples Daily News