Six states you should move to if you want to build future wealth

Six states you should move to if you want to build future wealth

Whether you want to find ways to build future wealth for yourself or your grandchildren, the sooner you act, the better off you'll be.

One way to build wealth is to choose a state that is still affordable and has growth potential. This could be through real estate investment, job opportunities, or a combination of things.

GOBankingRates spoke with financial and real estate experts to determine which states are worth moving to create future wealth. Since everyone's situation and goals are different, here are some of their suggestions:

Nevada

There are many ways to generate wealth, but consider Nevada if you want to do it through real estate. The state has three main features that make it an ideal investment area.

"There are several key factors to consider when looking to invest and build wealth in real estate," said John Diaz, a Douglas Elliman real estate agent based in Nevada. "The first is tourism. Find a location that people will continue to visit and spend money. It's a huge benefit when the city/location has a strong local economy and tourism money. Those locations thrive when the market is strong, creating more opportunities." For all locals.

According to Diaz, the second factor is the thriving and innovative market. That means choosing a state — and a city — that pushes boundaries in the tech sector. It also means choosing a job with high-paying jobs and lots of opportunities.

The third and final major factor is taxes. If you want to build wealth through real estate, choose a tax-friendly state that allows you to keep more capital while investing.

"I think Southern Nevada takes these factors seriously," Diaz said. "Las Vegas tourism is at an all-time high [and Vegas] is now a legitimate sports city. …With our hotel industry leading the way in technology, we continue our quest to be a leader in technology. Ultimately, it attracts a state tax that does not exist in the state." Nevada brings a lot of people and businesses to Las Vegas.

Texas

Another place to build long-term wealth is Texas.

"Texas is an ideal state for building future wealth because of the many job opportunities, entrepreneurial environment for those who want to start a business, and the growing number of people moving to the state," said Arthur Greenstein, a real estate agent with Douglas Elliman. Based in Texas. "These attributes, among others, create significant demand for residential and commercial real estate, representing a great investment opportunity."

As more people move to Texas, there is also a greater demand for development. This makes now the right time to get into real estate investing.

California

"As a Californian, I may be biased, but I would pick California as the state to build wealth," said Greg Holcomb, a California-based real estate agent with Douglas Elliman. "It's a tried-and-true location for steadily increasing value. Established communities tend to hold their value even in market fluctuations, and lesser-known towns that have long been overlooked have dramatically increased interest and value over the past decade."

Although many Californians are discussing leaving the state, that decision may not be permanent.

"While news stories talk about people leaving California, I have had many clients who left only to return," Holcomb said. "The past century of rising value provides a much more stable investment than some other countries that have made short-term gains but lack the infrastructure and stability to remain strong investments."

Ohio

If you want to build wealth in the Midwest, consider moving to Ohio. Many locations are experiencing significant economic growth and wealth-building potential.

"Cities like Toledo and Dayton look very promising in terms of their projected growth. Right now, buying in these areas will cost you less than many other places in the country, especially in or near larger cities," said Seamus Nally, CEO of TurboTenant.

At the same time, these regions are experiencing growth in employment, economy, and population size. More and more people are starting to move there, so buying now could be a great opportunity to get in before prices rise with this growth.

Florida

The Sunshine State is more than just a state for retirees. It is also a place you can go to seek your fortune - and not only or necessarily in the real estate market.

"Right now, it's smart to look at states that are growing based on your specific industry," said Chelsea Werner, global real estate advisor at ONE Sotheby's. "Not only is Florida great for saving money on taxes, but many people are moving there as the state's technology sectors continue to grow. Moving to a city where they are expanding the workforce in your field is a great way to find employment opportunities and build wealth."

South Carolina

There has been an influx of people moving to South Carolina. According to a recent Allied report, South Carolina was the top state for expatriates in 2023, with 65% of people choosing to move there over other desirable locations like Arizona, North Carolina, and Florida.

But why do people head to South Carolina?

One big reason is that the overall cost of living there is lower than in other parts of the country. There are also better job opportunities, making it a viable option for career professionals to earn more and build a large nest egg.

Allied also said: "South Carolina, with its distinct city of Charleston, has become a top destination due to its combination of a growing job market, affordable cost of living, and pleasant climate. Its thriving technology sector and manufacturing growth enhance the state's appeal, which provides ample job opportunities."