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.
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.
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.
Although Florida is hugely favorable when it comes to the cost of living, but only when compared with New York. Overall, Florida is ranked among the states with a higher cost of living. The wages are also not as good as those in New York.
This factor is quite subjective. It all depends on what you personally prefer. Undoubtedly, the majority of you would say that Florida’s weather is much more pleasant than New York. Florida is known as the Sunshine State. It has more days of sunshine per year than any other state. You can experience a tropical climate, it will make you feel like you are in the Caribbean.
It will come as a surprise to many of you but the weather of Florida is also one of the reasons that compel people to move out of the state. It gets really hot and humid during the summers. The risk of hurricanes, tornadoes, and kind of storms is always there. That is why someone who has lived there for a few years would probably start hating the weather. There is also a huge problem of sinkholes in Florida.
Schooling and Education
Schooling in New York is definitely better than in Florida. New York has some of the best schools and colleges in the country. Its schools were ranked among the top 10 of all states in the country. Whereas the same report declared Florida’s schools at the 29th position. However, this does not mean that Florida’s education is the worst. So if you value a good education for your children, New York is the place to go.
New York’s crime rate is stereotypically bad. But if you look closely, you will find that the overall crime rate in New York is actually quite low. In fact, it was ranked almost in the top ten states with the lowest crime rates.
Florida’s crime rate is not as bad as it used to be but it still needs a lot of attention from the authorities. Despite great improvements, the sunshine state still ranks in the bottom half of the rankings of high crime rates.
Florida has one of the worst healthcare systems in the country. It was ranked 41st among all 50 states, according to a report by Commonwealth Fund. On the other hand, New York is among the Top 10 states with the best healthcare. Although you will also find some hospitals in New York with poor ratings, the overall facilities are much better.
Entertainment and Activities
Both the states are really good at providing you with a lot of things to do anytime you want. Both were ranked among the top three states with great entertainment. Florida is popular for its sunny beaches and watersports.
Millions of people visit Florida each year. This can be a huge inconvenience if you do not want your streets to be filled with tourists all the time. If you expect to see wonderful landscapes everywhere you go in Florida, you will be sorely disappointed. The terrain is quite flat and monotonous.
To be honest, this is perhaps the most significant factor that you should always consider. According to research conducted by WalletHub in 2020, New York was the 17th happiest state in America, while Florida ranked 27th on the happiness index. The study took more than 30 key metrics into account including depression, financial development, and several kinds of external and internal factors.
Development and Opportunities
New York’s economy was hit badly in 2020. The pandemic caused millions of people to lose their jobs and thousands of businesses were closed. The economic condition of the state has still not recovered. 11.2% of the people are unemployed, which is almost thrice the rate in March 2020. However, both the Federal Reserve Bank of New York and the state Department of Labor claim that the regional economy has begun to show signs of recovery.
Florida has witnessed multiple economic booms in its history. Due to the migration of ultra-rich businessmen from New York to Florida, many people are predicting another financial boom in the coming years. Although Florida is not exempt from the terrible effects that COVID-19 induced on economic growth all over the world, in the COVID-19 era, Florida’s economy was ranked 19th in the country with 10.4% unemployment.
New York’s real estate market was affected terribly due to government-enforced lockdown. The rents in New York are probably the lowest in the last few years. The cost of houses is enormous as compared to that in Florida.
The real estate sector in Florida is flourishing. Florida had a quiet affordable housing sector, you could buy or rent a house without making a huge dent in your bank account. That is changing now; the prices are going up rapidly. The rents have increased by more than 10% in just a year. You still have enough time to make a decision. If you have decided to move to Florida, you should probably consider buying a property right now.
Florida is called the sinkhole capital of the United States. A huge chunk of the state is sitting over carbonate rocks, which are greatly susceptible to sinkholes. There have been countless incidents where sinkholes opened up under houses, causing destruction to the property. It can also lead to physical injuries or even worse. Before you give a green signal to your real estate agent, you must check if the property you’re buying is in “the danger zone”. To make sure that your house and family will remain safe, check out these areas in Florida with high sinkhole concentration.