Americans are moving to states like Florida as their income wanes and their average age rises, new census data has shown.
Released Thursday morning, the data comes from the U.S. Census Bureau’s one-year estimates for 2022, collected between January 1 and December 31, 2022.
One of the best resources available for a quantified look at facets of American life, the study has been released annually since 2005 – and this year has quite a few interesting takeaways.
Among them was Americans’ advancing age, now older than it has ever been before at a still plum 39 years. A sign of improving health care and the lack of a baby boom since the 70s, it is up all the way up from 30 in 1980 and 28 the decade before.
As citizens have gotten older, their incomes have waned, the report also revealed. A relatively recent happening brought on by inflation, the new average is $74,755 – nearly $4,000 less than it was in 2019.
Americans are moving to states like Florida as their income wanes and their average age rises, new census data has shown. Released Thursday morning, the data comes from the U.S. Census Bureau’s one-year estimates for 2022, collected between January 1 and December 31, 2022
The Sunshine State has attracted thousands of transplants over the past three years – one of several signs of the US’ changing economic and geographic landscapes since the pandemic
Other data shows how both phenomena have had an almost immediate effect on the populations of the fifty states, including less-traveled locales like South Carolina and Idaho – which saw surprising spikes second only to The Sunshine State.
This could be a product of an American attempt to stretch wallets, as home prices in hubs like New York reach continue to reach highs never before seen.
It’s also a sign of the US’ changing economic and geographic landscapes since the pandemic, fueled by the population shifts seen over the past three or so years.
Coincidentally, The Empire State also recorded the largest shift in terms of decreases, followed by Louisiana and Illinois – where crimes in populated metropolises like New Orleans and Chicago are also unusually high.
Fueled by births and deaths, population is also largely affected by in- and out-migration – meaning increases in places like Florida show how the state has continued to attract people even after the exoduses seen during the pandemic.
The single most popular retirement destination in the country, the state recorded an increase of nearly a half-million residents over the course of 2022, the census data on Thursday showed – from 21.78million to 22.24million people.
The biggest increase in terms of percent, it was actually beat out by Texas when looking at solely population – with the Lone Star State recording an increase of roughly 500,000 residents.
The country’s most populous state, California , experienced a decrease of 200,000 residents – a shift that stood at less than a percent thanks to the state’s some 39million citizens
The changes are also a product of an American attempt to stretch wallets, as home prices in hubs like New York reach continue to reach highs never before seen
Another interesting takeaway is that, according to the census, the US population on average is now the oldest that it has ever been
Inflation has taken a toll on household incomes, falling to $74,580 in 2022 – down 2.3 percent from 2021 – marking the third consecutive year of decline
Inversely, the country’s most populous state, California, experienced a decrease of 200,000 residents – a shift that stood at less than a percent thanks to the state’s some 39million citizens.
That statistic – or lake thereof – goes to show just how drastic the change seen in Florida really is, given the fact the state is the third most populous in the country behind only California and Texas.
All three saw substantial shifts in population during the pandemic – with Florida and Texas attracting millions of transplants over the past three years, and The Golden State losing some 700,000 between April 2020 and July 2022.
Along with New York, the locale is still losing residents several years later – with the outflow from the Northeast stronghold enough to raise eyebrows in terms of both percentages and actual population.
According to the study – which is considered slightly less reliable than the census’s three- and four-year reports – New York lost some 160,000 citizens in 2022, a decrease of .8 percent.
States like Idaho – which has surfaced as a new center thanks to locales like Boise (seen here) – are leading the charge with healthy, local economies, cutting the slack created by commonly accepted hubs like New York and California
This map shows the median age of Americans by county. As many as a third of all counties now have a median age above 60 years
America’s shifting demographics by state
+. 2 percent
Similarly, Louisiana and Illinois both recorded reductions of .7 percent – though with populations of roughly 4.6million and 12.6million, respectively, the actual migrations are much smaller than that of New York, which has a population of just under 20million.
The study showed that no other states experienced outflows even close to those three excluding California, while states like Tennessee, Nevada, Montana, Utah, Arizona, South Dakota, Maine, Delaware all recorded respectable increases.
That said, all have populations somewhat on the smaller side, and the true extent of their increases amounted to about a percent apiece.
Sill, each – along with the aforementioned Florida, South Carolina, and Idaho – have surfaced as reasonable alternatives as citizens age and continue to face inflation.
As this is happening they are relocating – changing the country’s economic landscape in the process.
Data also revealed that the median American was a record 39 years old in 2022 – the most since the study was started in 2005, and the highest in general since the early 80s.
The rising age of the nation is being driven by the fact people are living longer and having fewer babies — a trend that many of the smartest minds in the world say could plunge the country into economic disaster.
It’s particular noteworthy given how close it comes to the COVID-19 pandemic, which predominantly affected elderly Americans.
The Census Bureau’s annual report card on US household financial well-being also indicates that median household incomes in 2022 were highest in the West (around $82,900) and the Northeast (around $80,400), followed by the Midwest (about $73,100) and the South (about $68,200).
It further showed that the official US national poverty rate in 2022 remained similar to the previous year at 11.5 percent, encompassing approximately 37.9 million individuals living in poverty.
However, this measure doesn’t account for taxes paid by households or noncash government assistance, such as tax credits, housing subsidies, and free school lunches.
Median earnings in 2022 for all workers, adjusted for inflation, also saw a decline of about 2.2 percent, to approximately $48,000 compared to the previous year.
Among full-time, year-round workers, median earnings dropped 1.3 percent to about $60,100.
The total number of workers increased by approximately 2.8 million, with a notable rise of four million in the number of full-time, year-round workers, totaling 121.4 million.
The gender pay gap among full-time, year-round workers remained relatively stable, with a female-to-male earnings ratio of 84 percent in 2022.
However, there is hope on the horizon. Experts are predicting things may start to look different in the upcoming year, as reported by the Wall Street Journal.
Earnings and inflation trends have shown improvement, thanks to a strong labor market and stabilizing price increases, Bill Adams, Chief Economist at Comerica Bank told the Wall Street Journal.
‘Shifting into the present and into the future, the prospects are better for wages to make up for some of the ground lost during the last couple of years,’ Adams said.
Wage growth for the typical worker began to outpace inflation in December 2022, with inflation-adjusted wages increasing by about 3 percent in July, according to data from the Atlanta Fed Wage Tracker and the Labor Department.
This increase in household incomes can be attributed to workers re-entering the job market, and has contributed to solid economic growth in the current year, despite the Federal Reserve’s efforts to combat rising inflation through increased interest rates.
Inflation has also shown signs of moderation this year as the Fed implemented interest rate hikes, bringing the annual rate down from about 9 percent in June 2022 to around 3 percent in July.
That said, while the median household income fell, the poverty rate did not increase in any state, and actually improved in places like Washington, D.C., where it dropped 3.1 percent.
Another positive sign pointing to citizens’ prospective economic health is the fact the share of American households making $100,000 or more rose from 34 percent to 37 percent.
Also, on the state level, some median household incomes increased – such as in Alabama, Alaska, Delaware, Florida, and Utah.
The child poverty rate also dropped in 11 states – a sign of a slightly improving economy as inflation lessens.
States like Florida and Idaho – which has surfaced as a new center thanks to locales like Boise – are leading the charge with healthy, local economies, cutting the slack created by commonly accepted hubs like New York and California.
It shows how the pandemic has reshaped several states’ economies and thus the US’ geography as a whole – shifts that will likely grow more pronounced as time passes.
Also, since the release is based on 2022 data, it comes as markedly more relevant than results recorded the year before, when the pandemic was still at its height, hindering many aspects of life.