This study focuses on the economic benefits derived by the migrant from migration. The report presents a methodology for computing monetary benefits, an estimate of these benefits, and implications of the findings for public policy. Included are a discussion of domestic migration and public policy, an economic theory of migration, an explanation of the use of multiple regression analysis in obtaining an estimate of the annual earnings differential attributable to migration, the results of the foregoing analysis, and interpretation and policy implications. Among the implications, it is noted that (1) migration out of the South yields higher earnings for all but women, who earn no additional income, and for the college-educated; (2) overall, the larger the city migrated to, the larger the monetary gains; (3) after 5 years, migrant earnings are equal to those of Northern and urban nonmovers of the same education, age, race, and sex; and (4) South-to-North migration is more profitable for non-whites than for whites. Twelve tables are presented. (MJB)