The great wealth ‘realignment’: Affluent people keep moving from NY and SF to cheaper, warmer places

by thisisinsider

8 comments

  1. TL;DR:

    * Wealthy people are moving to states including Florida, Texas, North Carolina, and Tennessee.
    * They’ve been wooed by the same things less wealthy movers seek: space, weather, and lower taxes.
    * This pattern is driving up home prices in Miami, in particular, even for the highest earners.

  2. And the clowns in Albany keep raising taxes higher and higher … at some point we’re going to have to try something different. How about eliminating the state income tax for people making less then $75,000 a year? How about reforming the property tax calculations so that people can afford to own homes and not be literally counting down the days until they can leave NY? What about allowing counties and municipalities to offer employees a property tax exemption in exchange for a much lower salary and reduced benefits?

    I’m not saying we need to abolish taxes but we need to think beyond “tax the rich” (which in NY means the middle class as well) and “make a new tax for that”.

    Lastly the weather? The past few winters here in NY have been super mild. This current winter I don’t think we’ve had a high below 35 yet … and we regularly have high’s in the 50s (tomorrow and Wednesday will be two of these days). We haven’t had snow in 3 years. Mild NY winter beats the heck out of Florida’s endless brutal heat.

  3. Are we shocked? You live where you can make bank for 10,20 30 years, then move somewhere nicer, warmer, less congested.

    One thing I will say is as you age, moving somewhere warm is really attractive. I don’t want to move to FL, but as a guy on the East Coast, odds are very high I will be moving there soon.

  5. Not so much the truly wealthy people — Quality of life is MUCH higher in Cali

    >California ranked second in WalletHub’s 2022 “best states to live in” index. The financial services firm gave Texas the 11th place slot. New York was first, and Alaska was last. …. “Putting aside the cost and scarcity of land, which is a huge problem in California, it’s a very appealing place to live,” said Adam Kamins, director of regional economics at Moody’s Analytics.

    >“Although Texas is more affordable in general, California has lower median annual property taxes, as well as a higher median annual household income,” said Jill Gonzalez, a WalletHub analyst.

    >Poverty. A lower share of California’s population lives in poverty, 12.3% compared to 14.2% in Texas, according to U.S. Census Bureau data.

    > Health care. California has a higher share of insured population under 65, 91.9% compared to 79.6% in Texas.

    >Life expectancy. California’s is 79 at birth. Texas is 76.5, according to the National Center for Health Statistics..

    >Overall quality of life. WalletHub found Californians work fewer hours weekly, enjoy more miles of trails for biking and walking per total state land area and have better access to public transportation.

    >Culture. “There are also more museums, performing arts centers and fitness centers per capita in California,” Gonzalez said.

    >Don’t forget overall happiness. WalletHub rated California the home of the seventh happiest people in America. Ratings took into account emotional and physical well-being, work environment and community and environment, which includes factors such as volunteerism and weather.

    Learn more at https://www.sacbee.com/news/california/article272614191.html

  6. Good. They don’t pay taxes. Meanwhile my kid would *love* to move to California but can’t afford it because there’s too many deadbeat millionaires there.

  7. WI is gaining people while CA and IL is losing them.

    It’s not always about weather or cost.

    IT’s about governance

  8. Rich people avoid tax. In other news, water is wet.

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