Migration patterns for high income earners from urban cities

[Stella Xu]

Hi all - I feel that we're about to see some major migration shifts coming from the expensive urban cities such as NY, Seattle, SF given the new work from home policies that is becoming permanent. It started with the tech sector - twitter, facebook and now other sectors are catching on. I work in the financial services sector in NYC and sense that all the banks/insurance companies etc... are about to do the same because they've seen super high productivity from remote staff over the past few months. they haven't announced it yet but they've implied that they will in a few months. so even after Covid, going into the office will be optional. for most high income earners crowded into the cities - that's a big deal. That means that they no longer have to be tied to a specific city. Some will move to the suburbs but even if 15% of these high income earners were to move elsewhere in the country - that would be a game changer for some of those recipient cities... and it would be good to get ahead of that as investors! I was thinking people will want to move to warm cities in low tax states. the place would also need to have some diversity and fine dining that they're accustomed too. 
->> What cities do you think will benefit from this demographic migration?

[Jay Hinrichs]

Originally posted by @Stella Xu:

Hi all - I feel that we're about to see some major migration shifts coming from the expensive urban cities such as NY, Seattle, SF given the new work from home policies that is becoming permanent. It started with the tech sector - twitter, facebook and now other sectors are catching on. I work in the financial services sector in NYC and sense that all the banks/insurance companies etc... are about to do the same because they've seen super high productivity from remote staff over the past few months. they haven't announced it yet but they've implied that they will in a few months. so even after Covid, going into the office will be optional. for most high income earners crowded into the cities - that's a big deal. That means that they no longer have to be tied to a specific city. Some will move to the suburbs but even if 15% of these high income earners were to move elsewhere in the country - that would be a game changer for some of those recipient cities... and it would be good to get ahead of that as investors! I was thinking people will want to move to warm cities in low tax states. the place would also need to have some diversity and fine dining that they're accustomed too. 
->> What cities do you think will benefit from this demographic migration?

Income tax's are generally owed in the State were your employeed..  IE a lot of folks work in Oregon and live in Washington across the river.. they still pay Oregon income tax.. so thats something to check.

I think folks are going to scatter with the wind.. but seems to me suburbs of NJ  CT  PA would benefit but there is a whole lot of little towns in those areas for folks to scatter.. I would be looking at school districts.