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You are correct - I did not include the state tax, because we had just moved here when I posted that thread & had not filed taxes yet. So far we have gotten a refund on the state tax every year. However, I have never really looked at the bottom line on how the state income tax has impacted us.
One thing to keep in mind is that your salary range in NC would be subject to NC's highest state income tax rate of 8.95%. Does Florida even have a state income tax? Housing costs and savings on homeowner's insurance might negate part of that though.
Given what you posted and criteria, it's a no brainer, stay in Ft. Lauderdale. State income tax on your salary will hurt. On the other hand, I wouldn't live in South Florida again for any amount of money.
I am in the process of moving from Davie to Waxhaw (just south of Charlotte). With 1st, last, sec, a moving company, boxes, etc, we are looking between $5000-$6000. It is far less hectic. It is a much more desirable area to raise children, a main reason we're making the move. We chose Union County, which due to distance from the city, I've found to be cheaper, but better schools. We've knocked off almost $400 / mo from rent, $300 off insurance from two of our vehicles every 6 months, and renters insurance was far less. Gas was relatively the same, as is food, and groceries. My fiance is not taking a pay cut, but I will not be working right away, so our household income is less.
I own a horse, and since he will be on the property, I'm saving $300/mo right there. Our gas allowance will increase since he is not used to a commute.
My two cents.. go for it. Sometimes even cutting back on some of our luxuries we take for granted in south florida may be replaced with the serenity of green space and kind people, less hectic and more bang for your buck. Keep me posted and good luck!
Sry, fianc just read this and says "Tell him to call his insurance company and get a quote, his jaw will drop". It wasnt $300 every 6 months we're saving, its $700. Definitely a bonus. The state income tax sucks, but we're making it up elsewhere for sure.
Yes, insurance and housing is less expensive. But, groceries are running us 35% more and utilities are 37% higher. This is over a 2 year period, compared to the last 2 years we lived in SoFla. So overall, a little more than 17% more to live here. Even with that, you couldnt pay me enough to move back...
Given what you posted and criteria, it's a no brainer, stay in Ft. Lauderdale. State income tax on your salary will hurt. On the other hand, I wouldn't live in South Florida again for any amount of money.
I agree with lumbollo. Except I would consider living in South Florida...
We moved here from FL and it's incredible the difference in my husband's paycheck after the state of NC gets their cut. The auto insurance is half of what it is in FL, but otherwise, not much different. The money that is taken out of his check for taxes would more than cover the auto insurance.
We moved here from FL and it's incredible the difference in my husband's paycheck after the state of NC gets their cut. The auto insurance is half of what it is in FL, but otherwise, not much different. The money that is taken out of his check for taxes would more than cover the auto insurance.
What about homeowners insurance? That has to be drastically cheaper in NC than FL, no?
With 1st, last, sec, a moving company, boxes, etc, we are looking between $5000-$6000.
If you are interested in saving some $, I would look into U-Pack (similar to PODS and about half the price). You have to pack and unpack yourself, but when we moved from DC, it was only about $1k or so for them to move it down here, store it for 3 months, and then bring it to the house to be unloaded.
NC income tax gets progressively worse as your income goes up. And... as an added bonus there is currently a "temporary" additional income tax beyond a certain level to cover shortfalls in the state.
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