Expensive real estate states — New York, New Jersey and California — where the top three most impacted states. People that have moved on are finding there are states with significantly lower costs of living in terms of real estate costs and taxes — whether it’s in Naples, Florida or Nashville, Tennessee.

These states are also business friendly and have better fiscal outlooks, meaning the threat of tax hikes is low.

“The lower-tax states have been the beneficiary of the population market share donation from higher tax states,” says Woloshin.

The net loss of population has its consequences.

One of the biggest concerns is taxable income. It’s mostly the high income earners who are leaving. If they are leaving the school system, that’s less money for the schools. If they are leaving their businesses behind, that’s less tax revenue unless someone picks up the slack. If it’s New York City, odds are good that someone will. It just won’t happen overnight.

“Losing high-income earners, those who generate large capital gains, and those willing to make substantial capital investments can put a given city or state in a vicious spiral,” Woloshin wrote. “The states that are ceding high-income earners are going to be faced with rising personal and real estate taxes, more strains on their fiscal and operating budgets, and could ultimately lead to further population outflows.”