Massachusetts Losing Residents and Billions in Income

It's no secret that Massachusetts is experiencing an exodus of people who are moving in search of warmer, more business-friendly, and less expensive climates. The issue of out-migration is beginning to alarm elected officials and those left behind to pay the bills.

Massachusetts Population Loss Raises Concerns

A February 2026 study from the Pioneer Institute found, "Massachusetts is bleeding residents, which has brought trouble for its economy." According to the study, Massachusetts experienced a net loss of 182,000 residents between April 2, 2020, and July 2025, with many of those leaving aged 26-34.

Massachusetts is not only losing people, but it's losing money. Lots of money.

Getty Images

Billions Lost Through Out-Migration

A March 19, 2026, report from the Pioneer Institute for Public Policy Research said, "Since 2020, Massachusetts has lost $14.8 billion in adjusted gross income due to domestic out-migration."

"Young workers, high earners, and retirees are leaving – shrinking the state's tax base and raising long-term economic concerns," according to the report.

Millionaire Tax Under Scrutiny

The Pioneer Institute study blames, in part, the voter-approved "millionaire tax" for the current situation.

"Newly released 2023 IRS migration data – the first full year after the 4 percent surtax on incomes over $1 million took effect – show Massachusetts losing more than double the amount of adjusted gross income (AGI) than in any year before 2020, ranking fourth among states in net AGI out-migrations, behind only California, New York, and Illinois," the report stated.