Moving trends come and go, but for the time being this one doesn’t seem to be going anywhere. Real estate is all about location, location, location. While jobs are always a priority, property taxes may be the next big thing.
For some homeowners, where you live isn’t as important as what it will cost you. At least that’s what some realtors are banking on. When it comes to moving trends, property taxes are getting more attention than ever before.
Attom Data Solutions, which provides real estate data for sites like MarketWatch, property taxes are having an impact.
According to Attom’s analysis, the counties that had at least a 1% population increase had an average tax bill of $2,706, while in counties with a least a 1% decline in population saw an average tax bill of $3,900. That’s a $1,206 swing.
Among the areas that saw the highest inflow of new residents: Texas, Florida, Georgia, and The Carolinas. Cook County, Illinois (Chicago) saw the highest out-migration last year. This isn’t a surprise as we’ve previously covered Chicago’s dwindling population issue.
To be fair, the $1200 difference in property taxes are not likely to be the sole driving force in choosing where to live. The availability of jobs are certainly a large factor as well as other cost of living considerations.
It is noteworthy however, that the areas that are seeing high in-migration such as Texas and the Carolinas have booming job markets and relatively low taxes compared to the areas experiencing higher out-migration.
$1200 annually may not seem like much. It is $100 per month. However, $100 in Chicago is not the same as $100 in Plano, Texas. Cost of living varies widely around the country and just like real estate, location matters.
Cost of Living Matters
Moving trends will come and go, but maintaining your standard of living without increasing your costs is timeless. That’s why City vs City uses real, local data to calculate cost of living at the zip-code level.
Our app factors in after-tax income, housing expenses, transportation costs, state and local taxes, and more. As a result, we provide a detailed look at the true cost of living in your city. Furthermore, you can stack those costs up against another city of your choosing to see which one comes out ahead.
If you’re thinking of moving to another city, or buying a home; don’t make a move without downloading the City vs City app first. Get started today and see which city can offer you more bang for your buck!