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I'm considering two possible locations for a relocation. The salary would be about the same in both locations and after comparing both cities from all other aspects I'm looking at it from a purely financial impact and see if there's things I haven't considered yet with the known facts (I'm not a tax/financial savvy person).
I'm trying to determine if the state income tax offsets the price difference in homes and if that makes that much of a factor. From what I've found a home would cost about 100-125k more in city B for the similar type of home that we are considering. Here are the relevant pieces:
City A sales tax: 6% (includes food).
City A property tax rate: 1.02%.
City A State income tax: 7.6%.
City A's County average home listing price: 279,900.
City B sales tax: 9.25%.
City B sales tax food: 5.5%.
City B property tax rate: .62%.
City B state income tax: 0%.
City B's targeted county average home listing price: 517,000
I really like the lower overall housing prices in City A but wonder if it's offset by the state income tax.
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