Why are residents leaving their hometowns of New York and NJ to live elsewhere? The answer to this may be obvious, but there are a lot more push and pull factors at play. The steep tax rates imposed on those working in NY and NJ are painful. The cost of living is becoming more unbearable each day. For those who want to leave their home and move to a new one, the process is much simpler and less likely to be challenged.
The U.S. Census Bureau estimated that Florida received the largest volume of movers, more than any other state last year. New York had around 64000 homeowners flee to the sunshine state.
This guide highlights some tips on moving from New York and NJ to Florida.
Here’s why people are Moving from New York and New Jersey
Rent is one of the most expensive in The States
Did you know that the average rent of an apartment in Manhattan is $3,667? That is a lot more than other states along N.Y’s border. Landlords have taken advantage of the popularity around wanting to live in New York City. Another factor is the limited space available, especially in the city centers. Moving from New York is the only option people have when faced with New York’s expensive market.
The high tax rates
The tax rate affects both working professionals and those renting apartments. The renter needs to pay property tax. The property tax rate in New York is the second highest in the country. This charge is often past down to the renter.
The high-income tax rate is chasing professionals away. The combined New York City and state taxes are sitting at around 13%. Everybody working in NY feels the crunch when it comes time to pay taxes. High earners are worse off, as deductions are capped at a low limit (The Tax Cuts and Jobs Act introduced a $10,000 cap on state and local tax deductions).
Fewer job opportunities and commuting nightmare
The job market is so saturated in New York that you’ll be hard-pressed to find an opportunity. Some industries can simply not take on any more entrants. Although the minimum wage will be lower down South, the cost of living will make up for it.
Another issue tied to employment is commuting. Travel to work in New York is long and tedious. Commuters spend hours in traffic or on public transport in order to get to work.
What to know before leaving?
If you’re considering moving away from an expensive state like New York, there are a few things you should know first.
Choose a state with better opportunities
Heading South is a popular choice for homeowners wanting to flee from the heavy tax rates and expensive cost of living. The South is home to the always sunny state of Florida. Not only is Florida close to the beach and has very mild winters, but it now has a zero-state personal income tax law. This is a great example of a location that would offer far better lifestyle opportunities and be a lot less expensive to live in.
Pick a trustworthy and reliable moving company
Before moving, you need to find out how you plan to relocate your belongings to your new home. Going with the wrong moving company can lead to delays or drawbacks before even arriving in the new state. Take the time to research a credible moving company (you can use Google Search to help). If you’re moving from New York or New Jersey, go with a local mover who is comfortable with transporting your belongings to another state. Just get an invoice or the pricing upfront to avoid hidden costs, we recommend a flat rate mover.
Living in NY is only affordable to the extremely wealthy. If you are a middle-income professional looking to raise a family, it is better to do so downstate. The options are plenty when it comes to finding a low state to set up a new home in. If you are looking for a bigger space, to have pets, or raise children in, moving South makes sense.