In the last couple of years, we have seen tons of people migrating from big cities of states like New York, California, and Connecticut. The pandemic has kick-started a mass exodus of people from these states towards the South. With these people, their wealth is also flowing out of these big cities, creating even more problems for the residents who haven’t left yet. The states are imposing even more taxes to compensate for the loss, making the situation worse.
While it is true that New York’s population has declined significantly during the pandemic, but this was just an amplification of the already existent phenomenon. There were a huge number of people leaving New York even before the coronavirus pandemic. According to Bloomberg, around 2600 people were leaving New York per week before Covid-19. It was losing 376 residents per day in 2019. We could already see the number of migrants growing each year. The pandemic has just added fuel to the fire.
New York vs Florida
A vast majority of domestic migrants from New York and California have called Texas and Florida their second homes. While each family has its own reasons to choose where they are going to move, nobody can deny that Florida has a charm like no other state. It is a world-famous tourist destination that attracts millions of people each year. From being a holiday spot, it is also a thriving economy with several industries growing rapidly. In fact, if Florida was a country, it would be the 17th largest economy in the world.
All the advantages aside, it is also true that people move out of Florida almost as frequently as people moving in. The foremost reason for that is ignorance of the ground realities. Spending 2 weeks in Miami partying with your friends is not quite the same as living there permanently. So it is absolutely necessary that you look at both sides of the picture and explore the pros and cons of living in Florida vs. New York. This article will be your guide to compare life in New York vs. Florida so that you can make a better decision.
Tax Burden
Probably the most important reason more people leaving New York are the massive taxes the state imposes on its citizens. New York City is one of the few cities in the country where the residents have to pay income tax twice, once to the state and once to this city. Only a few cities in America have their own income tax. On top of the huge income tax, the city also has one of the highest property taxes in the US. It does not only stop there. New York State Senate has passed a deal to raise the income taxes for people earning more than $1,000,000 annually.
Florida on the other hand is a paradise when it comes to taxes. There is no state-imposed personal income tax. This alone can be reason enough for some people to move from New York to Florida. The residents of Florida the fourth-lowest taxes compared to all the 50 states.
Living Cost
Florida also trumps New York with its extremely affordable living cost compared to New York. New York is overall 115.4% more expensive than Florida. Median home cost is 334 percent more expensive in New York. Transportation in New York also costs more than double the price in Florida. This again is due to the enormous taxes that transportation owners have to pay to the city and the state. All these taxes and additional costs are ultimately coming out of the pocket of the common consumer.