High-Earners Left DC During Pandemic, Headed to ‘Burbs

[Anonymous]

People earning six figures or more left DC during pandemic. People from DC migrated to Fairfax County and Alexandria, bringing with them $377 million in taxable income.


Source: https://northernvirginiamag.com/culture/news/2023/09/20/high-earners-left-dc-during-pandemic-headed-to-burbs/

[Anonymous]

Breaking news: people move to DC in their 20s then move out in their 30s when they start families.

[Anonymous]

Anonymous wrote:Breaking news: people move to DC in their 20s then move out in their 30s when they start families.

Except that's not what happened...

[Anonymous]

OP, when the high earners left DC, they sold their homes to....other high earners.

[Anonymous]

Anonymous wrote:OP, when the high earners left DC, they sold their homes to....other high earners.

Hmmm, A lot of those properties are sitting vacant.

DC took an L.

"In total, the migration out of the nation’s capital resulted in a loss of $3 billion in taxable income."

"The net loss to DC from them was $31 million."

"Those households had an average income of $293,000 and an estimated loss for the city of $60 million to $62 million."

"DC also still lost income to Arlington over the two years combined since households leaving DC for Arlington had higher incomes on average than those coming into DC from there,” the analysis said."

[Anonymous]

Anonymous wrote:OP, when the high earners left DC, they sold their homes to....other high earners.

Nope. DC has a tax crisis and will be hundreds of millions in the red for the budget soon because property values are tanking.

[Anonymous]

Well they shouldn’t have closed everything for two years so that it was boring to live here and kids couldn’t get a proper education. Half the morons who left probably supported it too.

[Anonymous]

Anonymous wrote:OP, when the high earners left DC, they sold their homes to....other high earners.

This^. Common sense.

[Anonymous]

Pandemic is over. Things will change in next five years. This is a superpower's capital. If you can hold on to your property, you are bound to make money.

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP, when the high earners left DC, they sold their homes to....other high earners.

Nope. DC has a tax crisis and will be hundreds of millions in the red for the budget soon because property values are tanking.

I don’t think so! You think when people moved a lot during 2020-22 property values went DOWN?!? And they aren’t going down now bc there is no inventory so little sales data at all, and scarcity is keeping prices sky high.

[Anonymous]

Just look back at end of 2021 and early 2022, homes were getting multiple over asking bids. Just wait for interest rates to decrease.

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP, when the high earners left DC, they sold their homes to....other high earners.

Hmmm, A lot of those properties are sitting vacant.

DC took an L.

"In total, the migration out of the nation’s capital resulted in a loss of $3 billion in taxable income."

"The net loss to DC from them was $31 million."

"Those households had an average income of $293,000 and an estimated loss for the city of $60 million to $62 million."

"DC also still lost income to Arlington over the two years combined since households leaving DC for Arlington had higher incomes on average than those coming into DC from there,” the analysis said."

High income housing inventory in DC is low. Where are all these vacancies?

[Anonymous]

"People earning six figures or more left DC during pandemic."

We're still here.

Also, I know many friends who moved to VA temporarily during the pandemic while they renovated their DC homes. They have moved back in now.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP, when the high earners left DC, they sold their homes to....other high earners.

Hmmm, A lot of those properties are sitting vacant.

DC took an L.

"In total, the migration out of the nation’s capital resulted in a loss of $3 billion in taxable income."

"The net loss to DC from them was $31 million."

"Those households had an average income of $293,000 and an estimated loss for the city of $60 million to $62 million."

"DC also still lost income to Arlington over the two years combined since households leaving DC for Arlington had higher incomes on average than those coming into DC from there,” the analysis said."

High income housing inventory in DC is low. Where are all these vacancies?

More like that family moved to the suburbs and kept the DC house to rent it out.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP, when the high earners left DC, they sold their homes to....other high earners.

Hmmm, A lot of those properties are sitting vacant.

DC took an L.

"In total, the migration out of the nation’s capital resulted in a loss of $3 billion in taxable income."

"The net loss to DC from them was $31 million."

"Those households had an average income of $293,000 and an estimated loss for the city of $60 million to $62 million."

"DC also still lost income to Arlington over the two years combined since households leaving DC for Arlington had higher incomes on average than those coming into DC from there,” the analysis said."

High income housing inventory in DC is low. Where are all these vacancies?

More like that family moved to the suburbs and kept the DC house to rent it out.

So they're still paying property tax and someone is still living there paying income tax.