{"id":7108,"date":"2023-04-13T21:34:05","date_gmt":"2023-04-13T21:34:05","guid":{"rendered":"https:\/\/imsfund.com\/?p=7108"},"modified":"2023-04-13T21:34:05","modified_gmt":"2023-04-13T21:34:05","slug":"are-high-tax-rates-forcing-americans-to-move-what-does-that-mean-for-investors","status":"publish","type":"post","link":"https:\/\/imsfund.com\/index.php\/2023\/04\/13\/are-high-tax-rates-forcing-americans-to-move-what-does-that-mean-for-investors\/","title":{"rendered":"Are High Tax Rates Forcing Americans To Move? What Does That Mean For Investors?"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div :class=\"{ 'hidden': $store.proContent.showFullPrompt() }\">\n<section class=\"px-4 relative border border-slate-200 mobile-toc lg:hidden\" x-data=\"{open:false}\">\n<button class=\"flex items-center gap-4 my-2 border-none w-full\"><br \/>\n<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"h-6 w-6\" fill=\"none\" viewbox=\"0 0 24 24\" stroke=\"currentColor\" stroke-width=\"2\"><path stroke-linecap=\"round\" stroke-linejoin=\"round\" d=\"M4 8h16M4 16h16\"\/><\/svg><\/p>\n<h2 class=\"font-semibold text-slate-800 text-base m-0 js-toc-ignore\">In this article<\/h2>\n<p><\/button><\/p>\n<\/section>\n<p><span data-preserver-spaces=\"true\">Do Americans really vote with their feet, leaving high-tax states in favor of low-tax states?<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">While most people don\u2019t move often\u2014and many never leave their home state\u2014we can look at trends and patterns among those who do move across state lines.\u00a0\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">I\u2019m not interested in the politics of it. I\u2019m interested in the actual migration numbers compared to tax rates. Set aside your politics for the next five minutes, and let\u2019s focus on the raw population numbers.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">After all, population change is the foundation of demand for real estate. By understanding where people are moving, we can understand where\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/on-the-market-73\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">real estate markets<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0will boom over the next few years.\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Measuring State Tax Burden<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">First and foremost, how do we compare taxes between states?\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Some states charge high income taxes but no sales taxes, and vice versa. Others go heavy on property taxes but light on sales and income taxes.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Fortunately,\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/wallethub.com\/edu\/states-with-highest-lowest-tax-burden\/20494\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">WalletHub<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0already does the heavy lifting of combining state taxes into one total state tax burden number. It includes the typical percentage of income that residents pay toward state income taxes, property taxes, and sales and excise taxes. If you\u2019re not familiar with excise taxes, they\u2019re additional taxes on items such as alcohol, tobacco, or gasoline.<\/span><\/p>\n<div class=\"lg:block\" x-data=\"{ ad_block_block_643851e9d81cc: popAds(1) }\">\n<template x-for=\"ad in ad_block_block_643851e9d81cc\"><\/p>\n<div class=\"py-4 border-b flex flex-col flex-nowrap text-sm border-t px-0 rounded-none\" x-init=\"&#10;          analytics.track('blockAdLoaded', {&#10;            referrer: 'https:\/\/www.biggerpockets.com\/blog\/are-high-tax-rates-forcing-americans-to-move',&#10;            sponsor: ad.sponsor,&#10;            ad_title: ad.title&#10;          })&#10;        \" x-intersect:enter.once=\"adViewed('https:\/\/www.biggerpockets.com\/blog\/are-high-tax-rates-forcing-americans-to-move', ad.sponsor, ad.title, ad.id, 'blockAdViewed', 'blockAd')\">\n<p><span class=\"text-xs text-slate-light block bg-slate-50 p-1 inline-block rounded-md\">Sponsored<\/span><\/p>\n<div class=\"flex items-center text-sm space-x-4\">\n<img :src=\"https:\/\/www.biggerpockets.com\/blog\/ad.imageURL\" :alt=\"ad.imageAlt\" class=\"h-10 w-10 object-cover rounded-full\"\/><\/p>\n<\/div>\n<\/div>\n<p><\/template>\n<\/div>\n<h3><span data-preserver-spaces=\"true\">Mapped: <\/span>Tax burden by state<\/h3>\n<p><span data-preserver-spaces=\"true\">You can see how every state ranks on tax burden in the interactive map below:<\/span><\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/cdn.wallethub.com\/wallethub\/embed\/20494\/geochart-2023.html\" width=\"556\" height=\"347\" frameborder=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p><span data-preserver-spaces=\"true\">We\u2019re mostly interested in comparing the highest-taxed states to the lowest-taxed states, however, to see whether more residents are moving in or fleeing. Without further ado, here are the 10 highest-taxed states:<\/span><\/p>\n<figure class=\"wp-block-table is-style-regular\">\n<table>\n<thead>\n<tr>\n<th>Rank<\/th>\n<th>State<\/th>\n<th>Total Tax Burden<\/th>\n<th>Property Tax Burden<\/th>\n<th>Income Tax Burden<\/th>\n<th>Sales &amp; Excise Tax Burden<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>1<\/td>\n<td>New York<\/td>\n<td>12.47%<\/td>\n<td>4.36%<\/td>\n<td>4.72%<\/td>\n<td>3.39%<\/td>\n<\/tr>\n<tr>\n<td>2<\/td>\n<td>Hawaii<\/td>\n<td>12.31%<\/td>\n<td>2.74%<\/td>\n<td>2.86%<\/td>\n<td>6.71%<\/td>\n<\/tr>\n<tr>\n<td>3<\/td>\n<td>Maine<\/td>\n<td>11.14%<\/td>\n<td>5.33%<\/td>\n<td>2.52%<\/td>\n<td>3.29%<\/td>\n<\/tr>\n<tr>\n<td>4<\/td>\n<td>Vermont<\/td>\n<td>10.28%<\/td>\n<td>4.98%<\/td>\n<td>2.07%<\/td>\n<td>3.23%<\/td>\n<\/tr>\n<tr>\n<td>5<\/td>\n<td>Connecticut<\/td>\n<td>9.83%<\/td>\n<td>4.24%<\/td>\n<td>2.92%<\/td>\n<td>2.67%<\/td>\n<\/tr>\n<tr>\n<td>6<\/td>\n<td>New Jersey<\/td>\n<td>9.76%<\/td>\n<td>4.88%<\/td>\n<td>2.36%<\/td>\n<td>2.52%<\/td>\n<\/tr>\n<tr>\n<td>7<\/td>\n<td>Maryland<\/td>\n<td>9.44%<\/td>\n<td>2.66%<\/td>\n<td>4.21%<\/td>\n<td>2.57%<\/td>\n<\/tr>\n<tr>\n<td>8<\/td>\n<td>Minnesota<\/td>\n<td>9.41%<\/td>\n<td>2.89%<\/td>\n<td>3.11%<\/td>\n<td>3.41%<\/td>\n<\/tr>\n<tr>\n<td>9<\/td>\n<td>Illinois<\/td>\n<td>9.38%<\/td>\n<td>3.66%<\/td>\n<td>2.27%<\/td>\n<td>3.45%<\/td>\n<\/tr>\n<tr>\n<td>10<\/td>\n<td>Iowa<\/td>\n<td>9.15%<\/td>\n<td>3.40%<\/td>\n<td>2.41%<\/td>\n<td>3.34%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n<p><span data-preserver-spaces=\"true\">Likewise, check out the 10 lowest-taxed states:\u00a0<\/span><\/p>\n<figure class=\"wp-block-table is-style-regular\">\n<table>\n<thead>\n<tr>\n<th>Rank<\/th>\n<th>State<\/th>\n<th>Total Tax Burden<\/th>\n<th>Property Tax Burden<\/th>\n<th>Income Tax Burden<\/th>\n<th>Sales &amp; Excise Tax Burden<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>41<\/td>\n<td>Oklahoma<\/td>\n<td>7.12%<\/td>\n<td>1.76%<\/td>\n<td>1.69%<\/td>\n<td>3.67%<\/td>\n<\/tr>\n<tr>\n<td>42<\/td>\n<td>Missouri<\/td>\n<td>7.11%<\/td>\n<td>2.16%<\/td>\n<td>1.99%<\/td>\n<td>2.96%<\/td>\n<\/tr>\n<tr>\n<td>43<\/td>\n<td>Montana<\/td>\n<td>6.93%<\/td>\n<td>3.40%<\/td>\n<td>2.32%<\/td>\n<td>1.21%<\/td>\n<\/tr>\n<tr>\n<td>44<\/td>\n<td>South Dakota<\/td>\n<td>6.69%<\/td>\n<td>2.69%<\/td>\n<td>0.00%<\/td>\n<td>4.00%<\/td>\n<\/tr>\n<tr>\n<td>45<\/td>\n<td>Wyoming<\/td>\n<td>6.42%<\/td>\n<td>3.47%<\/td>\n<td>0.00%<\/td>\n<td>2.95%<\/td>\n<\/tr>\n<tr>\n<td>46<\/td>\n<td>Florida<\/td>\n<td>6.33%<\/td>\n<td>2.75%<\/td>\n<td>0.00%<\/td>\n<td>3.58%<\/td>\n<\/tr>\n<tr>\n<td>48<\/td>\n<td>Tennessee<\/td>\n<td>6.22%<\/td>\n<td>1.66%<\/td>\n<td>0.02%<\/td>\n<td>4.54%<\/td>\n<\/tr>\n<tr>\n<td>47<\/td>\n<td>New Hampshire<\/td>\n<td>6.14%<\/td>\n<td>4.94%<\/td>\n<td>0.13%<\/td>\n<td>1.07%<\/td>\n<\/tr>\n<tr>\n<td>49<\/td>\n<td>Delaware<\/td>\n<td>6.12%<\/td>\n<td>1.88%<\/td>\n<td>3.15%<\/td>\n<td>1.09%<\/td>\n<\/tr>\n<tr>\n<td>50<\/td>\n<td>Alaska<\/td>\n<td>5.06%<\/td>\n<td>3.59%<\/td>\n<td>0.00%<\/td>\n<td>1.47%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n<p><span data-preserver-spaces=\"true\">As an additional perk for real estate investors, two of those states\u2014Wyoming and Delaware\u2014top MarketWatch\u2019s list of\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.marketwatch.com\/guides\/business\/best-state-form-llc\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">best states for forming an LLC<\/span><\/a><span data-preserver-spaces=\"true\">.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Population Growth and Migration Patterns<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">It\u2019s worth pausing for a moment to separate two concepts: population growth and interstate migration.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">While inbound or outbound migration does, of course, impact a state\u2019s population, it\u2019s not the only factor. One state could have a higher birth rate, or it could have more immigrants arrive from other countries. Population is easy to track through\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.census.gov\/newsroom\/press-kits\/2022\/2022-national-state-population-estimates.html\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Census data<\/span><\/a><span data-preserver-spaces=\"true\">, despite the delay in the government actually releasing it.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">When we talk about \u201cmigration,\u201d we only refer to U.S. residents\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/new-census-data-shows-where-americans-are-moving\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">moving from one state to another<\/span><\/a><span data-preserver-spaces=\"true\">. It\u2019s harder to measure but potentially more relevant to whether taxes impact Americans\u2019 decisions about where to live.\u00a0<\/span><\/p>\n<h3><span data-preserver-spaces=\"true\">Population changes<\/span><\/h3>\n<p><span data-preserver-spaces=\"true\">One look at the map and you can certainly see similarities between state taxation and population changes:<\/span><\/p>\n<div><noscript><img decoding=\"async\" src=\"https:\/\/datawrapper.dwcdn.net\/su9WZ\/full.png\" alt=\"full\" title=\"Are High Tax Rates Forcing Americans To Move? What Does That Mean For Investors? 2\"\/><\/noscript><\/div>\n<p><span data-preserver-spaces=\"true\">Low-tax states like Delaware, Florida, Tennessee, Wyoming, South Dakota, and New Hampshire all saw significant population gains. High-tax states like New York, New Jersey, Hawaii, Maryland, and Illinois all saw population declines.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">That said, it\u2019s not a perfect correlation. High-tax Maine, Vermont, and Connecticut saw population growth. The state with the lowest tax burden, Alaska, saw no population change at all.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Still, the 10 highest-taxed states saw their populations drop by an average of -0.25% over the last two years. The 10 lowest-taxed states saw their populations jump by an average of 1.83%.<\/span><\/p>\n<h3><span data-preserver-spaces=\"true\">Interstate migration<\/span><\/h3>\n<p><span data-preserver-spaces=\"true\">Where did Americans move last year?<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Every year,\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.unitedvanlines.com\/newsroom\/movers-study-2022\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">United Van Lines releases a report<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0answering that very question. Check out the map for where Americans moved in 2022:<\/span><\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/moversstudy.unitedvanlines.com\" frameborder=\"0\" scrolling=\"no\" class=\"unvlmap-iframe\" allowfullscreen=\"\" width=\"800\" height=\"800\"><br \/><\/iframe><\/p>\n<p><span data-preserver-spaces=\"true\">The top 10 states with the most inbound migration are:<\/span><\/p>\n<ol>\n<li><span data-preserver-spaces=\"true\">Vermont\u00a0<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Oregon\u00a0<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Rhode Island\u00a0<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">South Carolina\u00a0<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Delaware\u00a0<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">North Carolina\u00a0<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Washington, D.C.\u00a0<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">South Dakota\u00a0<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">New Mexico\u00a0<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Alabama\u00a0<\/span><\/li>\n<\/ol>\n<p><span data-preserver-spaces=\"true\">The 10 states with the most outbound migration are:\u00a0<\/span><\/p>\n<ol>\n<li><span data-preserver-spaces=\"true\">New Jersey\u00a0<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Illinois\u00a0<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">New York\u00a0<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Michigan\u00a0<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Wyoming\u00a0\u00a0<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Pennsylvania\u00a0<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Massachusetts\u00a0<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Nebraska\u00a0<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Louisiana\u00a0<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">California\u00a0<\/span><\/li>\n<\/ol>\n<p><span data-preserver-spaces=\"true\">The 10 states with the most inbound moves charge an average total state tax rate of 7.91% (that excludes Washington, D.C., as WalletHub provides no tax data for D.C.). The 10 states people are fleeing the fastest charge an average total tax burden of 8.76%.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Again, there\u2019s a link, but it\u2019s not a perfect one. People keep moving to Vermont, despite the high taxes. And leaving Wyoming, despite the low taxes.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">That said, the data from United Van Lines is much more limited than the actual Census Bureau population data. United Van Lines says people are leaving Wyoming in droves, but the state has seen population growth nearly 33% faster than the national average over the last two years. Take the United Van Lines study with a proverbial grain of salt.\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Are Americans Leaving High-Tax States?<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">While I have no doubt that taxes factor into where people decide to move, it\u2019s certainly not the only factor. Climate, amenities, job availability, cost of living, and proximity to family all play a role as well.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In other words, don\u2019t run out and buy up tundra in Alaska just because it charges the lowest tax burden in the U.S.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">But don\u2019t dismiss state tax burden as a factor, either. Sure, people like the warm weather in Florida, but they also love that Florida charges no income taxes.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The correlation between state tax rates and population change is stark. But you have to be careful about inferring causation from correlation. To prove that tax rates cause people to move, you\u2019d need a massive survey that actually asks them.\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Impact on Real Estate Markets<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">The impact of taxes on population change is all well and good as an intellectual exercise, but what does this have to do with real estate?<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">As a real estate investor, I was curious whether state tax burden had any correlation with real estate appreciation over the last few years. The population change data suggests that it would, but there\u2019s nothing like rolling up your sleeves and looking at the actual numbers.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">So, I compared the average three-year home price appreciation (using\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.zillow.com\/research\/data\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Zillow data<\/span><\/a><span data-preserver-spaces=\"true\">) in the 10 highest-taxed states to the 10 lowest-taxed states. Sure enough, there was a difference:<\/span><\/p>\n<figure class=\"wp-block-table is-style-regular\">\n<table>\n<thead>\n<tr>\n<th>Highest-Taxed States<\/th>\n<th>3-Year Appreciation<\/th>\n<th>Lowest-Taxed States<\/th>\n<th>3-Year Appreciation<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>New York<\/td>\n<td>27.62%<\/td>\n<td>Oklahoma<\/td>\n<td>43.32%<\/td>\n<\/tr>\n<tr>\n<td>Hawaii<\/td>\n<td>35.36%<\/td>\n<td>Missouri<\/td>\n<td>40.54%<\/td>\n<\/tr>\n<tr>\n<td>Maine<\/td>\n<td>50.98%<\/td>\n<td>Montana<\/td>\n<td>57.24%<\/td>\n<\/tr>\n<tr>\n<td>Vermont<\/td>\n<td>42.73%<\/td>\n<td>South Dakota<\/td>\n<td>40.10%<\/td>\n<\/tr>\n<tr>\n<td>Connecticut<\/td>\n<td>34.20%<\/td>\n<td>Wyoming<\/td>\n<td>29.73%<\/td>\n<\/tr>\n<tr>\n<td>New Jersey<\/td>\n<td>32.93%<\/td>\n<td>Florida<\/td>\n<td>53.36%<\/td>\n<\/tr>\n<tr>\n<td>Maryland<\/td>\n<td>24.59%<\/td>\n<td>Tennessee<\/td>\n<td>49.38%<\/td>\n<\/tr>\n<tr>\n<td>Minnesota<\/td>\n<td>27.30%<\/td>\n<td>New Hampshire<\/td>\n<td>45.92%<\/td>\n<\/tr>\n<tr>\n<td>Illinois<\/td>\n<td>28.98%<\/td>\n<td>Delaware<\/td>\n<td>35.44%<\/td>\n<\/tr>\n<tr>\n<td>Iowa<\/td>\n<td>31.18%<\/td>\n<td>Alaska<\/td>\n<td>13.58%<\/td>\n<\/tr>\n<\/tbody>\n<tfoot>\n<tr>\n<td>Average<\/td>\n<td>33.59%<\/td>\n<td>Average<\/td>\n<td>40.86%<\/td>\n<\/tr>\n<\/tfoot>\n<\/table>\n<\/figure>\n<p><span data-preserver-spaces=\"true\">Between the end of February 2020 through the end of February 2023 (the latest data available), the 10 highest-taxed states saw an average home price change of 33.59%. The 10 lowest-tax states saw an average home price jump of 40.86%.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">I\u2019m no public policy expert and have no intention of debating tax policies or politics. Looking at this data, I believe taxes are one of many factors that Americans consider when moving. These migration and population trends impact where I invest in real estate, and while taxes don\u2019t tell the whole story, they certainly play a role in it.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Ignore taxes, population changes, and migration patterns at your own peril as a real estate investor.<\/span><\/p>\n<div id=\"hero-block_62ee867235a1c\" class=\"first:mt-0 hero-block    has-background has-slate-300-background-color has-text-color has-slate-800-color\">\n<div class=\"gap-10 lg:gap-20 flex flex-wrap lg:flex-nowrap max-w-screen-xl mx-auto px-4 relative lg:items-center \">\n<div class=\"relative z-30 lg:w-2\/3 \">\n<main class=\"py-4\"><\/p>\n<h2 class=\"has-theme-slate-color has-text-color has-large-font-size\"><strong\/><strong>Close MORE deals in LESS time for LESS money <\/strong><\/h2>\n<p class=\"my-3 md:my-5 lg:my-8 has-theme-slate-color has-text-color\" style=\"font-size:16px\"><em>Wealth without Cash<\/em> will fully prepare you to find off-market leads, uncover sellers\u2019 motivations, negotiate with confidence, close more deals, build a team, and much more.\u00a0This book by Pace Morby has everything you need to become a millionaire investor without utilizing your own capital.<\/p>\n<p><\/main>\n<\/div>\n<div class=\"lg:w-1\/3 first:mt-0 relative h-full lg:flex lg:items-center\">\n<picture decoding=\"async\" class=\"object-cover w-full relative z-20 my-0  rounded-md hidden lg:block sp-no-webp\" title=\"Are High Tax Rates Forcing Americans To Move? What Does That Mean For Investors? 3\"><source srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/04\/WWC_Cover-Flat-1-scaled.webp \" type=\"image\/webp\"><source srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/04\/WWC_Cover-Flat-1-scaled.jpg\" type=\"image\/jpeg\"><img src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/04\/WWC_Cover-Flat-1-scaled.jpg\" decoding=\"async\" class=\"object-cover w-full relative z-20 my-0  rounded-md hidden lg:block sp-no-webp\" title=\"Are High Tax Rates Forcing Americans To Move? What Does That Mean For Investors? 3\" alt=\"WWC Cover Flat 1 scaled\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/04\/WWC_Cover-Flat-1-scaled.jpg\"\/><\/source><\/source><\/picture>\n<\/div>\n<\/div>\n<\/div>\n<p class=\"italic\"><b>Note By BiggerPockets:<\/b> These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.<\/p>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.biggerpockets.com\/blog\/are-high-tax-rates-forcing-americans-to-move\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In this article Do Americans really vote with their feet, leaving high-tax states in favor of low-tax states? While most people don\u2019t move often\u2014and many never leave their home state\u2014we can look at trends and patterns among those who do move across state lines.\u00a0\u00a0 I\u2019m not interested in the politics of it. I\u2019m interested in [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":7109,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"fifu_image_url":"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/04\/jacksonville-1024x517.jpg","fifu_image_alt":"","footnotes":""},"categories":[9],"tags":[],"class_list":["post-7108","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"_links":{"self":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/7108","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/comments?post=7108"}],"version-history":[{"count":1,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/7108\/revisions"}],"predecessor-version":[{"id":7110,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/7108\/revisions\/7110"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/media\/7109"}],"wp:attachment":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/media?parent=7108"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/categories?post=7108"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/tags?post=7108"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}