CNS News– New Yorkers who recently moved to low-tax areas in Florida and Texas are finding the savings to be less than expected due to soaring home prices and rents. Rents and home prices in Miami have surged by around 40% since the pandemic, leading to diminished savings for those relocating from New York.
According to a study by financial information provider SmartAsset, New Yorkers earning $250,000 who moved to Miami last year saved $88,036, which is 28% less compared to those who moved in 2019 and saved $122,956.
The trend is similar in Austin and Dallas, Texas, where savings for New Yorkers in the same income bracket have declined by 25% and 20%, respectively, compared to 2019. The cost of living in Miami, Austin, and Dallas is rising faster than in Manhattan.
From 2019 to 2023, rent in Manhattan increased by 3.3%, while home prices jumped by 29.3%. In comparison, rent in Miami surged by 37%, and home prices rose by 43.7%. Austin’s rent prices increased by 25.5%, and home prices soared by 55.6%. In Dallas, rent fell by 1.1%, but home prices rose by 21.1%.
New Yorkers who moved to low-tax Texas, Florida aren’t saving as much as they used to: report https://t.co/Mmss8N7mNR pic.twitter.com/sQceBcYOjX
— New York Post (@nypost) March 18, 2024
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New York State had the third-highest income tax rate in 2023, while Florida and Texas do not levy a state income tax. However, the surging demand for real estate in low-tax states has caused property prices to soar, leading to increased property tax rates in Texas and a property insurance crisis in Florida.