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Senior citizens sell their NY homes and use their profits to pay cash for a retirement home. Sell a $850,000 NY home and purchase a $300,000 home down south. Easy peasy.
Depends how much mortgage remains on the NY home. I've looked at prices in South Carolina and the homes I would be interested in are over $430,000 now if I wanted to move there.
There is an entire section in the NY Post today about developers betting big on NYC's future with a dozen jumbo towers in stages of planning or completion. Companies looking for NYC office space include Blackstone, American Express, Jane Street Capital, Barclays, CBS, Google, Met Life, Ralph Lauren.
The JP Morgan/Chase new construction will be an all electric building, housing 17,000 employees and giving work to over 40 unions.
Many gaming companies have submitted proposals to NYC to put a casino in Times Square and other areas of the city, the decision of who gets the gaming licenses will be decided in the spring of 2024.
That may work if you are coming from Downstate and some select Upstate homeowners, but as someone whose parents are from the South(MS and SC), with siblings in the Charlotte area and in Virginia Beach, with other family in the region, $300,000 is below the median home price in many of the Southern areas people are moving to. Just so people don’t think I’m making this up: https://www.nar.realtor/research-and...-affordability
So, I say if one is looking Down South, move to a relatively less popular area for home prices people associate with the South from 10-20 years ago, as prices are going up and housing can be an issue there as well.
Also, keep in mind that real property tax isn’t the only property tax in much of the South, as some states have a personal property tax and HOAs(essentially privatized taxation in terms of fees)tend to be more prevalent. Not saying that it is a “tit for tat” thing, but those are a couple of things to be mindful of in terms of costs that may not be the same as NY.
My wife and I have entered our 60's. Lived on Long Island for 50 years, then moved to NJ for 10. I made good money, but true retirement was more like a dream. It was just so damn expensive.
We made the move 2 years ago to the Raleigh area after research that spanned 3 plus years. We really wanted to make a move we didn't want to regret, and once we moved to the area we liked, we even rented for a year to do an even deeper search for the exact town that would suit us the best.
Now... I can retire at FRA (full retirement age...67) and between SS and the 401k's, we will be living the dream we never saw up north. The cost difference monthly is quite dramatic.
Of course we do understand that what we sold in Jersey and the investments from working in NY is a major factor in our better financial life down here. We took our "NY money", which is more difficult to accumulate when starting from scratch in the south. That is a true statement.
With that said, one of the biggest differences from north to south is that native Southerners are so much more thankful for what they have than up North. They're not constantly searching for something better, and every day is a beautiful day to be thankful for. It's the way they look at life, and it's wonderful. No wonder down here people are so happy.
So yes, money is leaving NY. The money is probably leaving faster than the people, as higher earning are in part being replaced by much less earnings. But the City and State is feeling it and that will only accelerate the outward migration by those paying the most taxes. The next decade is going to be very interesting.
My wife and I have entered our 60's. Lived on Long Island for 50 years, then moved to NJ for 10. I made good money, but true retirement was more like a dream. It was just so damn expensive.
We made the move 2 years ago to the Raleigh area after research that spanned 3 plus years. We really wanted to make a move we didn't want to regret, and once we moved to the area we liked, we even rented for a year to do an even deeper search for the exact town that would suit us the best.
Now... I can retire at FRA (full retirement age...67) and between SS and the 401k's, we will be living the dream we never saw up north. The cost difference monthly is quite dramatic.
Of course we do understand that what we sold in Jersey and the investments from working in NY is a major factor in our better financial life down here. We took our "NY money", which is more difficult to accumulate when starting from scratch in the south. That is a true statement.
With that said, one of the biggest differences from north to south is that native Southerners are so much more thankful for what they have than up North. They're not constantly searching for something better, and every day is a beautiful day to be thankful for. It's the way they look at life, and it's wonderful. No wonder down here people are so happy.
So yes, money is leaving NY. The money is probably leaving faster than the people, as higher earning are in part being replaced by much less earnings. But the City and State is feeling it and that will only accelerate the outward migration by those paying the most taxes. The next decade is going to be very interesting.
New York is not the place to be anymore.
In terms of the bolded, I think that is more of a Downstate thing versus being a thing throughout NY. not saying you don't find that Upstate, but I think see that mentality as being prevalent. I think a part of that may be that the cost of living is quite a bit lower to where some parts of Upstate NY are just as, if not more affordable than many of the popular and even moderately popular parts of the South now. So, I think that we have to also factor in how much NY varies in in many aspects as well.
The other thing that people may overlook in terms of money is that, with people leaving, you may have quite a few people move up in terms of income. In fact, that has been the the case for me in the past couple of years, in terms of income. So, those that may earn less now, may move up in terms of income, as positions open up.
We left Westchester County for Virginia. Southeast Virginia is in a housing boom from the influx of NY/NJ upper middle class retirees.
After all, why pay $20,000 on yearly property taxes when you could pay $3,000 in Virginia? We aren't hicks, we have operas, classic music concerts, plays, museums, etc - all at the fraction of NYC prices.
Why? To live near family, to have a greater pool of job opportunities, because they love living where they grew up..... There are lots of reasons people live where they do. COL is just one.
Fürher Hochül is already threatening new taxes and fees in the coming years to compensate for the loss of revenue. So, NY will become even more expensive than ever before. Good luck.
Why? To live near family, to have a greater pool of job opportunities, because they love living where they grew up..... There are lots of reasons people live where they do. COL is just one.
As I stated as a retiree, I don't require a job!
I guess that's the problem with growing old, things change too much. I hardly recognize Northern Westchester anymore. It used to be pretty rural and looks more like Queens everyday.
Sure, I moved away from friends and cousins. It's my kids who are important and they left NYC for their careers. In Virginia, I'm significantly closer to them.
We left Westchester County for Virginia. Southeast Virginia is in a housing boom from the influx of NY/NJ upper middle class retirees.
After all, why pay $20,000 on yearly property taxes when you could pay $3,000 in Virginia? We aren't hicks, we have operas, classic music concerts, plays, museums, etc - all at the fraction of NYC prices.
Not to mention the weather is better and people in general are friendlier. Midwesterner here and I could make a similar argument (except for the weather, I don't think Virginia gets too many tornadoes or blizzards).
Not to mention the weather is better and people in general are friendlier. Midwesterner here and I could make a similar argument (except for the weather, I don't think Virginia gets too many tornadoes or blizzards).
Yes, Southerns in general are friendlier. Just like Midwesterners are known for being community oriented. Both groups are known for good manners.
Virginia has delightful springs. It starts in late February continuing until late May. Every week there is another bulb, flower or tree blooming. OTOH, Summer is humid. It's fall now and the weather is pretty much heavenly. Some Thanksgiving are so warm and sunny, you'll only need a sweater. No tornadoes or hurricanes or blizzards.
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