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Makes sense. This has all happened before. It is cyclical. No different than white flight, which has more to do with economics than race. Driven as usual, by politics being too far removed from the actually people living in the communities that are supposedly serving. Progressives are stripping NYC of its character.
This is one reason why many of all sorts are leaving. People are fed up with being taxed to death, and not only getting very little to show for it, they feel their money could do better elsewhere.
I am one of them and haven't moved because I did the math and it wouldn't be much better.
Here my job pays 125-175k at my current level, I'm currently somewhere in the middle. Bottom line it depends if you have family and friends you can rely on outside of NY in the event of job loss.
In Texas the same job could pay 75-125k but you have to add a couple of monthly expenses:
- Car (Used) + Gas + Repairs + Insurance, monthly costs would be about $500
- Additional savings required because TX doesn't like to pay Unemployment + Emergency fund for relocation in case the job doesn't work out - About $500 a month
So right off the bat we're talking $1k additional costs and net income is probably also down by $1k. You may be saying well the rent and food is lower. Here's why it doesn't work:
- Variable: If my Wife can't find a job down there, living expenses (rent and food) need to decrease by about $2000 a month bare minimum. Right now to live relatively close enough to not have a sh**ty commute in traffic in most TX cities you need to pay $1000 a month which is only about $600 lower than what we pay now for rent. Food costs could drop by $400 but that would only lead to a net $1k in savings. We'll need additional savings to make up for the fact we'd be surviving on one income which is dangerous these days. Where does the additional $2k in savings come from? I can't find it.
The job opportunities down there are fewer so I may go longer without a job. I think the bigger issue is that certain industries don't have enough jobs outside of NY. Although competition here is high, I come across at least one survival job with $100k+ salary here every week that I'd probably qualify for. Probably can't say the same for San Antonio or Orlando. Another problem is culture and racial discrimination is higher outside of NY which would further reduce my opportunities. Even Atlanta branches of many companies STILL are cited as having problems with segregation and lack of diversity.
This is one reason why many of all sorts are leaving. People are fed up with being taxed to death, and not only getting very little to show for it, they feel their money could do better elsewhere.
For retirees New York State is very tax friendly .. I am amazed how little state and city taxes I pay in retirement . Social security is not taxed at all , my wife’s pension is not taxed , all city ,state and federal pensions are not taxed at all and the first 20k in private pensions are not taxed .
all our treasury bond interest is not taxed , the first 20k in ira or 401k money is not taxed .... New York gives me a 1600 dollar tax credit for having long term care insurance and I could not even take the whole credit , part of it gets carried over
My wife and I left NYC 2yrs ago. Although we both made 6-figure salaries, we still would not be able to afford a modest home in a decent area. We relocated to Florida's gulf coast and are about a year away from buying our home with a substantial down payment.
QOL is 10x better than it was in NYC. We enjoy being able to commute to/from work in the privacy of our own vehicles without the hassle of dealing with public transportation, traffic, and the congestion of the city.
For $1200/month we are currently renting a 2br/2bath 1100sq ft apt in an upscale gated community equipped with private garage, 2 swimming pools, fitness center, dog park, etc.. You couldnt rent a windowless basement studio apt under a chinese takeout in the bronx for $1200/month.
NYC was fun while in my teens/20's. We are now enjoying the year-round weather, close proximity to gulf beaches, low cost of living and no city/state taxes coming out of our paychecks.
I am one of them and haven't moved because I did the math and it wouldn't be much better.
Here my job pays 125-175k at my current level, I'm currently somewhere in the middle. Bottom line it depends if you have family and friends you can rely on outside of NY in the event of job loss.
In Texas the same job could pay 75-125k but you have to add a couple of monthly expenses:
- Car (Used) + Gas + Repairs + Insurance, monthly costs would be about $500
- Additional savings required because TX doesn't like to pay Unemployment + Emergency fund for relocation in case the job doesn't work out - About $500 a month
So right off the bat we're talking $1k additional costs and net income is probably also down by $1k. You may be saying well the rent and food is lower. Here's why it doesn't work:
- Variable: If my Wife can't find a job down there, living expenses (rent and food) need to decrease by about $2000 a month bare minimum. Right now to live relatively close enough to not have a sh**ty commute in traffic in most TX cities you need to pay $1000 a month which is only about $600 lower than what we pay now for rent. Food costs could drop by $400 but that would only lead to a net $1k in savings. We'll need additional savings to make up for the fact we'd be surviving on one income which is dangerous these days. Where does the additional $2k in savings come from? I can't find it.
The job opportunities down there are fewer so I may go longer without a job. I think the bigger issue is that certain industries don't have enough jobs outside of NY. Although competition here is high, I come across at least one survival job with $100k+ salary here every week that I'd probably qualify for. Probably can't say the same for San Antonio or Orlando. Another problem is culture and racial discrimination is higher outside of NY which would further reduce my opportunities. Even Atlanta branches of many companies STILL are cited as having problems with segregation and lack of diversity.
Is there really that much race prejudice in Atlanta? Aren't most people there POC?
Some 4,867 under-35-year-olds with gross adjusted incomes of $100,000 or more fled New York between 2015 and 2016, according to an analysis of IRS data by the Web site SmartAsset.
Those with adjusted gross incomes in the 100Ks are now considered "well off" too? How??
Ya $100k is not "well-off" in NYC lol
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