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We are rather perplexed, however, are in serious discussions about relocating out of Austin, Texas. We are interested in North Carolina (Raleigh area specifically) and then Tampa, FL area. My husband works for a home builder that is starting new development in the Raleigh area. Just wondering what one's favorite aspects of living in Raleigh? One thing that is turning me a bit is there is a state income tax in NC which we do not have in Texas. Is the cost of living high in NC or is it reasonable? Compensation in industries make up for the state income tax? Just would like some broad or specific opinions.
I looked into moving to Austin last year - cost of living seems pretty similar but housing is much cheaper in Raleigh compared to Austin. Don't know anything about the construction industry so I can't comment about that.
Cost of living is pretty reasonable as far as what you get for the money. It all is relative - if there's no income tax they're making it up in other ways.
We are rather perplexed, however, are in serious discussions about relocating out of Austin, Texas. We are interested in North Carolina (Raleigh area specifically) and then Tampa, FL area. My husband works for a home builder that is starting new development in the Raleigh area. Just wondering what one's favorite aspects of living in Raleigh? One thing that is turning me a bit is there is a state income tax in NC which we do not have in Texas. Is the cost of living high in NC or is it reasonable? Compensation in industries make up for the state income tax? Just would like some broad or specific opinions.
Remember that there isn't any free lunch. States like Texas and Florida that don't have income taxes make up the difference in other ways. In particular, this oftentimes means much higher property taxes and rents (because landlords pay higher property taxes). You will also likely find higher sales taxes, more toll roads and other ways that states make up that revenue. Using the tool linked below, both Tampa and Raleigh seem to be a bit less expensive than Austin but I am not sure how accurate the tool is. Cost of living: How far will my salary go in another city? - CNNMoney
Real estate taxes are approximately 2x's more than here. While that might not make up all the difference, especially for families making more than $100k, it's a big chunk on a similarly sized house.
I used the calculator and saw the same thing! And you are very right about property taxes and cost of homes and rentals because they are very outrageous here in Austin. I have to get out of my brainwashed Texas head that state income taxes aren't THAT bad. What about the economy as a whole? Do you feel as though the economy is growing and is stable? I see that many northerners are moving to NC and I am unsure if it's due to the weather or because of the growing economy in the area. Thank you for your input!
I used the calculator and saw the same thing! And you are very right about property taxes and cost of homes and rentals because they are very outrageous here in Austin. I have to get out of my brainwashed Texas head that state income taxes aren't THAT bad. What about the economy as a whole? Do you feel as though the economy is growing and is stable? I see that many northerners are moving to NC and I am unsure if it's due to the weather or because of the growing economy in the area. Thank you for your input!
Think of Raleigh as the NC version of Austin when it comes to growth. It's been growing like a weed for decades and there doesn't seem to be anything indicating that it won't continue doing so for many more years to come.
We moved from Texas to the Triangle last year and for us the cost of living is pretty much a wash. You may pay a little more here and there but then you will also be paying a little less here and there. Best of luck in your decision!
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