Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Everyone always says it's cheaper in other states besides NY, esp Long island and Westchester bc of the taxes.
Let's say you move to a state with no state income taxes (Florida, Texas, Tennessee, Washington state, Nevada, etc), on a 100K salary you'd save about $5000-5500 on state income taxes for NY.
Then, let's say you buy a house in another state and the property taxes are 5K a year, versus 15K a year here. That's a 10K difference.
So total, you'd be saving about 15K a year by just leaving NY on the state income taxes and property taxes.
Gas is generally cheaper in other states, except California. Where my parents live in Tennessee gas is $1 cheaper there than here on LI.
Food from my understanding, is the same price all over the country generally.
However, pay and wages outside NY are generally less and so lets say you find a new job but will have a 5-10K pay cut from your NY salary.
So, in the end, aside from some savings on property taxes and state income taxes, is it really cheaper to live in states like Florida and Texas and North carolina and elsewhere?
Or is it a wash?
Wife and I are considering moving but from our calculations you will def save on taxes and cheaper real estate, but with a 10% salary cut it almost ends up being equal, no?
Everyone always says it's cheaper in other states besides NY, esp Long island and Westchester bc of the taxes.
Let's say you move to a state with no state income taxes (Florida, Texas, Tennessee, Washington state, Nevada, etc), on a 100K salary you'd save about $5000-5500 on state income taxes for NY.
Then, let's say you buy a house in another state and the property taxes are 5K a year, versus 15K a year here. That's a 10K difference.
So total, you'd be saving about 15K a year by just leaving NY on the state income taxes and property taxes.
Gas is generally cheaper in other states, except California. Where my parents live in Tennessee gas is $1 cheaper there than here on LI.
Food from my understanding, is the same price all over the country generally.
However, pay and wages outside NY are generally less and so lets say you find a new job but will have a 5-10K pay cut from your NY salary.
So, in the end, aside from some savings on property taxes and state income taxes, is it really cheaper to live in states like Florida and Texas and North carolina and elsewhere?
Or is it a wash?
Wife and I are considering moving but from our calculations you will def save on taxes and cheaper real estate, but with a 10% salary cut it almost ends up being equal, no?
What do you think?
The % salary cut could be much higher. It all depends on your field.
Where are you thinking of moving to?
What sector are your jobs in? i.e. teaching, sales etc.
What is your current salary? Not asking for an answer essentially how high up are you?
What are your expenses in terms of Taxes, communing.
We are retired and I will say it is certainly a lot less expensive to live here as opposed to there. Some foods are more, some are less and some the same. We have no sales tax, Our car and homeowners insurance is significantly less. Now this is not to say that it would work for you as jobs here are not all that great.
Here is a good source to view information in relation to income and housing cost at the median level: https://www.nahb.org/news-and-econom...ortunity-index (click on Complete Listing by Affordability Rank, Q3 2022 information)
You may be surprised by the areas at the top of the list, which means that means more opportunity to housing based upon median family income and median home sales price. The criteria does include property taxes, by the way.
Methodology
For income, NAHB uses the annual median family income estimates for metropolitan areas published by the Department of Housing and Urban Development. NAHB assumes that a family can afford to spend 28 percent of its gross income on housing; this is a conventional assumption in the lending industry. That share of median income is then divided by twelve to arrive at a monthly figure
On the cost side, NAHB receives every month a CD of sales transaction records from CoreLogic. The data include information on state, county, date of sale, and sales price of homes sold. The monthly principal and interest that an owner would pay is based on the assumption of a 30 year fixed rate mortgage, with a loan for 90 percent of the sales price (i.e., 10 percent downpayment). The interest rate is an average of the 30-year fixed effective rate from Freddie Mac’s Primary Mortgage Market Survey during that quarter. In addition to principal and interest, cost also includes estimated property taxes and property insurance for that home. This is based on metropolitan estimates of tax and insurance rates from the the most recent American Community Survey. Mortgage insurance is not currently a component of the HOI.
Therefore, for each record, there is an estimated monthly cost and available income share. The HOI is the share of records in a metropolitan area for which the monthly income available for housing is at or above the monthly cost for that unit.
Keep in mind that housing makes up the biggest portion of cost of living. Just so people don't think I'm making that up: "Average annual expenditures for all consumer units(1) in 2021 were $66,928, a 9.1-percent increase from 2020,
the U.S. Bureau of Labor Statistics reported today. (See table A.) During the same period, the Consumer Price
Index (CPI-U) rose 4.7 percent, and average income before taxes increased 3.7 percent.
The average annual expenditures of 2021 were broken down into fourteen major components, nine of which are shown
in table B. The tenth category shown, “other expenditures,†is the aggregate of the five smallest components.(2) Overall, housing accounted for the highest share (33.8 percent), followed by transportation (16.4 percent),
food (12.4 percent), and personal insurance and pensions (11.8 percent).
Among the fourteen major components of household spending, the largest increase in expenditures was in
entertainment (+22.7 percent), followed closely by a 22.3-percent rise in apparel and services spending.
In contrast, only education expenditures decreased (-3.5 percent) from 2020 to 2021."
Everyone always says it's cheaper in other states besides NY, esp Long island and Westchester bc of the taxes.
Let's say you move to a state with no state income taxes (Florida, Texas, Tennessee, Washington state, Nevada, etc), on a 100K salary you'd save about $5000-5500 on state income taxes for NY.
Then, let's say you buy a house in another state and the property taxes are 5K a year, versus 15K a year here. That's a 10K difference.
So total, you'd be saving about 15K a year by just leaving NY on the state income taxes and property taxes.
Gas is generally cheaper in other states, except California. Where my parents live in Tennessee gas is $1 cheaper there than here on LI.
Food from my understanding, is the same price all over the country generally.
However, pay and wages outside NY are generally less and so lets say you find a new job but will have a 5-10K pay cut from your NY salary.
So, in the end, aside from some savings on property taxes and state income taxes, is it really cheaper to live in states like Florida and Texas and North carolina and elsewhere?
Or is it a wash?
Wife and I are considering moving but from our calculations you will def save on taxes and cheaper real estate, but with a 10% salary cut it almost ends up being equal, no?
What do you think?
Everyone's situation is different. For someone who is retired it is certainly cheaper. For those who are working, really depends on where exactly you are moving, how much the potential pay cut is and the field. Teachers on Long Island are among the highest paid in the country, teachers in the Carolina's and Florida are among the lowest paid. The lower cost of living would almost certainly not make up for the lower teacher salary. Using teachers as an example since the difference is so stark, but the same is likely true in other fields. On the flip side, there are likely quite a few jobs as well in which the difference in salary is relatively minimal and more than made up for by the cost of living difference.
Depends on where you want to go, and when as some places have jumped in price during the last few years. So you'll need to do some research. Besides wages take into consideration if the place you're looking at has things you want to do in your downtime.
When I hear from recruiters in NY metro they can't meet my salary requirements to make up for the increased COL.
Everyone always says it's cheaper in other states besides NY, esp Long island and Westchester bc of the taxes.
Let's say you move to a state with no state income taxes (Florida, Texas, Tennessee, Washington state, Nevada, etc), on a 100K salary you'd save about $5000-5500 on state income taxes for NY.
Then, let's say you buy a house in another state and the property taxes are 5K a year, versus 15K a year here. That's a 10K difference.
So total, you'd be saving about 15K a year by just leaving NY on the state income taxes and property taxes.
Gas is generally cheaper in other states, except California. Where my parents live in Tennessee gas is $1 cheaper there than here on LI.
Food from my understanding, is the same price all over the country generally.
However, pay and wages outside NY are generally less and so lets say you find a new job but will have a 5-10K pay cut from your NY salary.
So, in the end, aside from some savings on property taxes and state income taxes, is it really cheaper to live in states like Florida and Texas and North carolina and elsewhere?
Or is it a wash?
Wife and I are considering moving but from our calculations you will def save on taxes and cheaper real estate, but with a 10% salary cut it almost ends up being equal, no?
What do you think?
It's not that simple. States w/o property taxes still get their residents financially in other ways. Typically, this is through higher property taxes, sales taxes, and other bull**** fees that are not specifically mentioned. For example, Nashville sales tax is 9.75% (7% state plus 2.75% county).
I heard in Florida any savings you get from leaving ny you make up for in home owners insurance
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
