Cheapnail Salons Nearme

New Yorkers Who Went to Low-Tax Texas and Florida Are Saving Less: Report!


CNS NewsNew 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%.

Read More News: A Missing Student from New Jersey Was Found Dead in The Newark Bay!

Blame Liberal Dems for NYC Crime Whopper, Not Burger King Franchising!

Florida, Clearwater Guy Burned Ex’s Car Over New Relationship: Police!

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.

Reference Article

Leave A Reply

Your email address will not be published.