Wealth in Maryland continued moving from the cities to the suburbs in the years after the pandemic, with one county losing more than $1 billion in total income as residents flocked to nearby counties.
The latest data from the IRS and U.S. Census Bureau for 2021-2022 reveals where wealth migrated within the state. A consistent trend has been the movement of wealth from urban centers to suburban areas. For example, Baltimore County attracted $571.42 million in total adjusted gross income (AGI) from 7,895 tax filers moving out of Baltimore City.
Frederick County was the biggest beneficiary of people seeking out more rural and suburban areas. Between 2021 and 2022, the county saw the largest net positive change in total income in the state at $169.77 million. Frederick County was followed by:
- Queen Anne’s County, $88.60 million
- Worcester County, $80.5 million
- Talbot County, $46.5 million
- Cecil County, $35.2 million
Click here to read the rest of the article written by Henry Liu over at Baltimore Business Journal
