Migration to and from Vermont, by income, 2021-2022

The IRS data on income undercut an often repeated claim that the wealthy are fleeing the state. In fact, wealthy Vermonters move away every year. But wealthy residents from other states also move in every year. From 2012 to 2022, Vermont had a net gain in filers with income of $200,000 or more in all but one year. In 2022, for every three filers in that income bracket who left the state, five moved in. Based on the most recent data, Vermont saw net gains among filers with income of $50,000 or more and net losses among filers earning less than $50,000. Just over half of the filers who moved out of the state earned under $50,000.  

This pattern was more pronounced with millennial filers: Most of the growth from migration in this age range came from households that earned $100,000 or more.