New Yorkers who moved to low-tax Texas, Florida aren’t saving as much as they used to: report
NY Post
New Yorkers who recently ditched the city for low-tax hot spots in Florida and Texas are finding the savings to be a lot less than they would have if they moved four years ago as the cost to rent or buy a home soars.
Rents and home prices in Miami have surged by around 40% since the pandemic, which sparked the Great Exodus from the Big Apple to the Sunshine State, as well as to Dallas and Austin in the Lone Star State, according to a study by financial information provider SmartAsset.
The result has been that New Yorkers earning $250,000 who moved to Miami last year ended up saving $88,036 — or 28% less compared to people in the same income bracket who moved to South Florida in 2019, the study found.
By comparison, those early settlers had saved $122,956, according to the data, first reported by Bloomberg News.
The two Texas cities that have seen explosive population growth in recent years also aren’t the bargain they once were, according to SmartAsset. A New Yorker earning $250,000 who moved to Austin in 2019 would have saved $154,564. Last year, however, that number declined 25% to $116,195.
New Yorkers in the same tax bracket who relocated to Dallas in 2019 saved $135,887. Last year, however, the savings fell 20% to $108,208.
