Voting With Their Feet

Yesterday The New York Post posted an article about what is happening to the cost of living in New York City.

The article reports:

More than a third of all city residents say they can’t afford to live anywhere in the state — much less the Big Apple — and believe economic hardship will send them packing in five years or less, according to a dismal new poll.

That’s 41 percent of city dwellers who say they can’t cope with New York’s high cost of living, according to a Quinnipiac poll published Wednesday.

Separately, 41 percent fear they’ll be “forced” to pull up stakes and seek greener pastures where the economic climate is more welcoming.

“They are making this city a city for the wealthy, and they are really choking out the middle class,’’ said Ari Buitron, a 49-year-old paralegal and born-and-bred New Yorker from Forest Hills, Queens.

The cost of taxes and housing have driven many residents south:

Even well-heeled New Yorkers are being lured down south thanks to New York’s hefty tax burden and new federal tax policies that punish high-tax states, according to Miami property magnate Gil Dezer.

“Because of the city tax and the non-deductibility of your real estate taxes, we’re seeing a lot more people with piqued interest,” he told The Post.

The poll’s findings reinforce research done by the Empire Center for Public Policy that shows that New York leads the nation in terms of residents jumping ship.

“It’s not surprising. The out migration downstate is first and foremost about affordability. Rent and property taxes downstate are very high,” said the Empire Center’s E.J. McMahon.

Right now, a very large percentage of Americans live in New York City and Los Angeles. If the electoral college were eliminated, these cities would essentially elect our President. However, if these cities continue to lose population, eliminating the electoral college, despite the fact that it would be a foolish move, might not have the effect those calling for its elimination desire.

Real Estate Property Taxes By State

This is good information to have if you are planning your retirement. It is also good information to have as you watch Congress debate whether or not to keep the tax deduction for state taxes.

Real-Estate Property Taxes by State
Rank State Effective Real-Estate Tax Rate Annual Taxes on $179K Home State Median Home Value Annual Taxes on Home Priced at State Median Value https://wallethub.com/edu/states-with-the-highest-and-lowest-property-taxes/11585/#real-estate
1 New Jersey 2.35% $4,189 $315,900 $7,410
2 Connecticut 1.97% $3,517 $270,500 $5,327
3 New Hampshire 2.15% $3,838 $237,300 $5,100
4 New York 1.62% $2,899 $283,400 $4,600
5 Illinois 2.30% $4,105 $173,800 $3,995
6 Massachusetts 1.20% $2,139 $333,100 $3,989
7 Rhode Island 1.63% $2,915 $238,000 $3,884
8 Vermont 1.74% $3,116 $217,500 $3,795
9 Wisconsin 1.96% $3,499 $165,800 $3,248
10 Maryland 1.10% $1,956 $286,900 $3,142
11 California 0.81% $1,438 $385,500 $3,104
12 Alaska 1.18% $2,112 $250,000 $2,956
13 Washington 1.08% $1,931 $259,500 $2,805
14 District of Columbia 0.56% $1,000 $475,800 $2,665
15 Texas 1.90% $3,386 $136,000 $2,578
16 Oregon 1.08% $1,929 $237,300 $2,563
T-17 Pennsylvania 1.53% $2,725 $166,000 $2,533
T-17 Nebraska 1.85% $3,308 $133,200 $2,467
T-19 Maine 1.30% $2,321 $173,800 $2,259
T-19 Minnesota 1.18% $2,110 $186,200 $2,200
T-19 Michigan 1.78% $3,172 $122,400 $2,174
T-19 Ohio 1.56% $2,794 $129,900 $2,032
23 Virginia 0.80% $1,420 $245,000 $1,948
24 Iowa 1.48% $2,649 $129,200 $1,916
25 South Dakota 1.34% $2,389 $140,500 $1,879
26 Kansas 1.40% $2,502 $132,000 $1,849
27 North Dakota 1.12% $2,000 $153,800 $1,722
T-28 Florida 1.06% $1,894 $159,000 $1,686
T-28 Montana 0.85% $1,525 $193,500 $1,652
30 Colorado 0.60% $1,073 $247,800 $1,489
31 Nevada 0.85% $1,523 $173,700 $1,481
T-32 Utah 0.68% $1,218 $215,900 $1,472
T-32 Hawaii 0.27% $487 $515,300 $1,406
34 Georgia 0.94% $1,685 $148,100 $1,397
35 Missouri 1.00% $1,790 $138,400 $1,387
36 Arizona 0.81% $1,446 $167,500 $1,356
37 North Carolina 0.85% $1,524 $154,900 $1,322
38 Idaho 0.76% $1,366 $162,900 $1,246
39 Delaware 0.54% $959 $231,500 $1,243
40 Wyoming 0.61% $1,097 $194,800 $1,196
41 New Mexico 0.74% $1,324 $160,300 $1,188
42 Indiana 0.87% $1,560 $124,200 $1,085
43 Tennessee 0.75% $1,335 $142,100 $1,062
44 Kentucky 0.85% $1,511 $123,200 $1,042
45 Oklahoma 0.88% $1,569 $117,900 $1,036
46 Mississippi 0.79% $1,408 $103,100 $813
47 South Carolina 0.57% $1,019 $139,900 $798
48 Louisiana 0.49% $876 $144,100 $707
49 Arkansas 0.62% $1,111 $111,400 $693
50 West Virginia 0.58% $1,044 $103,800 $607
51 Alabama 0.43% $773 $125,500 $543