4 reasons why New Yorkers keep on moving to Florida
New York seems to be one of the most desirable places to live on the East Coast. It offers boundless possibilities for success and entertainment. However, many New Yorkers are deciding to leave New York City behind and move to Florida. Here are the 4 reasons why New Yorkers keep on moving to Florida.
The first of 4 reasons why New Yorkers keep on moving to Florida is the cost of living
Everybody loves New York until they realize just how expensive it is. For example, New York is 68% more expensive than the national average. But let’s not talk about national standards. Let’s compare the most expensive city in Florida – Miami and New York City.
- Let’s first compare the cost of food and groceries. The difference here is not that big New York is only approximately 8,7 % more expensive than Miami.
- The second thing we are going to compare is utilities. New York is more expensive than Miami by about 57%. The difference of 57% is not the biggest one you will see in this comparison. Utilities in Miami are lower compared to the national standard.
- When it comes to transportation, NYC is 25% more expensive. But we have to give it to New York City’s efficient public transportation system.
- The fourth expense we are comparing is healthy. Health is 22.7% more costly in New York City.
- Finally, we have come to median home cost. The median home cost in Miami is 398,100, while in New York City is 654,300. The difference in median home cost is 256,200 dollars, which makes NYC 64.4% more expensive than Miami.
If we were to add everything up, NYC is 37.7% more expensive than Miami. But as we have said at the beginning of this article, Miami is the most expensive city in Florida. You can find even more affordable places. So pack up, and one of the easiest solutions for packing are plastic bins. They are sturdier than cardboard boxes, more comfortable for storing, and will keep your things safe during transportation and in a storage unit.
Florida weather is better than NYC’s
Do not get us wrong, New York City has four beautiful seasons, but Florida is warm all year round. New York winters can get cold. But if you pick the right place in Florida, you can say goodbye to your winter clothes. You can get a home near the beach and spend time there with your family. There are different options – you can sunbathe, swim, play beach volleyball, go scuba diving. However, if you do not like the sand in your home, you can buy a beach vacation house. You can use it whenever you want to rest and buy a home in a city that is not close to the ocean.
Because of the warm weather, you can get more time outside, walk, hike, ride your bike. The Florida weather will change your life, and you will forget about New York City swiftly.
The third of 4 reasons why New Yorkers keep on moving to Florida is the taxes
The better tax situation is a significant reason why New Yorkers leave for Florida. Let’s break differences in taxation to see why Florida is more tax-friendly.
- Let’s first go over the estate tax. New York has an estate tax. When a person dies in New York, somebody has to pay an estate tax to the state and the government. However, in Florida, there is no estate tax. So you are only obliged to pay a federal tax.
- The income tax is one of the 4 reasons why New Yorkers keep on moving to Florida. Again Florida wins out. It has no income tax. While in New York, the income tax can be somewhere between 4 to 8 percent. Floridians only pay federal income tax. Because of no income tax, it means that your IRA’s and 401(k)’s are not taxable. In New York, they are deductible up to 20,000 dollars.
- The real estate property tax is lower in Florida compared to New York. If we add to the real estate cost and to the real estate tax, it is way more expensive to own property in New York City than in Florida.
- Both states have no inheritance tax.
- Finally, if we add everything up, Florida is way better for taxes than New York.
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They want to get away from New York chaos
The final reason why New Yorkers leave is that they want to get away from the hubbub and fuss. New York is a place where you go to join the rat race, and the only outcome for you is success or failure. However, as you continue your life in NYC, you start to realize that hard work is not enough to succeed. You actualize that you have been overpaying for a small apartment when you have saved that money and lived somewhere calmer, with smaller competitions and where you can move up faster. That New Yorkers leave, to live a stress-free life. To save money on storage when you come to Florida learn how to save money on long-term storage.
These are our 4 reasons why New Yorkers keep on moving to Florida. We hope we have given you insight into why New Yorkers do it and convince you to do it yourself. As you can see Florida has a lot to offer financially and entertainment-wise. And if you want to save up money, explore the most affordable family-friendly cities in Florida.