Tax exodus accelerating:fla raking in billions (Baby Boomers, death, independent)

[beach43ofus]

https://www.foxbusiness.com/economy/...merican-movers

Wealthy 55+ Americans are fleeing high tax States, and moving to Florida for its lower cost of living and lower taxes; says the study that is the focus of this article.

The headcounts, and sums of money involved in this exodus are staggering. Florida is leading all other states by HUGE margins.

Billions of Dollars are flowing into FLA which stimulates growth in Florida's economy, & boosts tax revenues. The tax revenues in the States these people are fleeing are in a death spiral.

The migration of retirees to Florida is old news, but what is different now is that these trends are accelerating rapidly due to the federal income tax changes that limit property tax deductions. These tax changes prevent high tax States from exporting their high local taxes to other States with lower taxes. The Federal government has built an impenetrable wall around every State that traps its' tax rate within. The only way to escape is to establish permanent residency in a lower tax State...like Florida, Texas, or Nevada. That is what we are experiencing.

It's also newsworthy how much wealthier the people are who are fleeing now, as compared to those who retired to Florida in years past. Florida is now attracting more Millionaires and Billionaires than before, and those are the people that pay the Lions share of the taxes in America.

Florida is in a record breaking economic boom, and the momentum is growing.

[gypsychic]

ugh....we have too many people already...

[beach43ofus]

Originally Posted by gypsychic

ugh....we have too many people already...

This coming season is going to be MUCH worse than last season. Last season was only 2% busier than the season before that. I can see this coming season breaking all records and increasing 8%.

I saw this coming, which is One reason why we bought a little bit further out than we would have liked (ppsqft is the other). We'll have manageable traffic for a few more years, but in 5-8 years, our new low density exburb area will become suburban gridlock, and it will be time to move elsewhere to get away from all the crowds.

Fortunately, most of these Millionaires/Billionaires are buying high rise condo's and Coastal mansions. I wish they'd ALL do that. I can't afford oceanfront, and wont live in a 30 story Sardine can, so they won't impact me as much...except for on the roads. We'll have self-driving and flying cars soon, so the gridlock is only temporary.

[City Guy997S]

I sure hope they know about the flooding, the hurricanes, the poverty, the traffic and all the other stuff that H&H complains about before they get here!

[beach43ofus]

Originally Posted by City Guy997S

I sure hope they know about the flooding, the hurricanes, the poverty, the traffic and all the other stuff that H&H complains about before they get here!

Most of them are rich. They own multiple homes, and have insurance to cover any potential posses. Having money buys your way out of most of the worries the poor and middle class struggle with.

If they see a Hurricane forecast for their area, they jet back to their other residence until the all clear is sounded.

If their place floods, they call their insurance agent to tell them to handle it, and then they jet off to their other place to live until its all cleaned up. This also gives the Misses an opportunity to redecorate the entire place.

Poverty...probably less than what they saw in the places they came from.

Traffic...probably less than the places they came from.

[Chardo1]

It's only going to accelerate as long as SALT limitation exists. You're about to have a wave of middle class New Yorkers (and other states) moving down for the tax savings. It will start with those not tied to a work location (remote workers, self employed, etc.) and others with high demand careers. Then you have the baby boomers retiring, with Gen X not far behind. The effect, besides crowds and traffic, is steady increase in house prices. These New Yorkers will think nothing of paying inflated Florida prices because it's still far cheaper than what they have now. And with the demographic shift, it's likely their new home will appreciate even more than their old one.

[Chardo1]

Originally Posted by City Guy997S

I sure hope they know about the flooding, the hurricanes, the poverty, the traffic and all the other stuff that H&H complains about before they get here!

You don't think they have all those things in NY?

[bale002]

Originally Posted by City Guy997S

I sure hope they know about the flooding, the hurricanes, the poverty, the traffic and all the other stuff that H&H complains about before they get here!

Poverty and traffic probably more intense in places where these people are coming from and, if they are retirees or independently wealthy working from home, they can isolate themselves from them, for better and for worse.

Hurricanes are rare, highly predictable, and highly publicized in advance. In any case, people of the Atlantic coastal areas as far as Long Island Sound and even further north are quite familiar with hurricanes, thank you.

Flooding is a sudden, unpredictable, localized event that many people do not expect and prepare for.

Good Luck!

[beach43ofus]

Originally Posted by Chardo1

It's only going to accelerate as long as SALT limitation exists. You're about to have a wave of middle class New Yorkers (and other states) moving down for the tax savings. It will start with those not tied to a work location (remote workers, self employed, etc.) and others with high demand careers. Then you have the baby boomers retiring, with Gen X not far behind. The effect, besides crowds and traffic, is steady increase in house prices. These New Yorkers will think nothing of paying inflated Florida prices because it's still far cheaper than what they have now. And with the demographic shift, it's likely their new home will appreciate even more than their old one.

https://www.foxbusiness.com/economy/...onaire-florida

More wealthy New Yorkers are coming here now. Wall Street is moving to Camino Real, and Palm Beach Blvd. They're staying at the Breakers while their mansion is being built, or renovated.

I totally agree about real estate prices continuing to escalate, probably faster than before. Supply & demand plus the comparitive mindset you mentioned.

[beach43ofus]

Originally Posted by Chardo1

You don't think they have all those things in NY?

I was in Hampton Bays New York, out on the South side of Long Island ~50 years ago 15 houses away from Shinnicock Bay. A Hurricane hit hard, and the 12 houses closest to the Bay were flooded. My Grandparents and Great-Grandparents homes were spared.