People Are Fleeing New York At An Alarming Rate

People are fleeing New York and the surrounding areas at an accelerated rate. More than 1 million people moved out of the New York area to other parts of the country since 2010. 

People leaving the region which includes parts of New Jersey, Connecticut, the lower Hudson Valley and Long Island in one year swelled from 187,034 in 2015 to 223,423 in 2016. At the same time, the number of international immigrants settling in the tri-state area dwindled from 181,551 to 160,324 over the same period, records show.

What Gives?

High taxes and low incomes are partly to blame. New York and other Northeast states have some of the highest property and state taxes in the country.  Some are heading south for states with low, or even no income tax.

“As the economy gets better, there are more jobs outside the region and by the same token . . . more people to buy your house if you’re a baby boomer looking to move to Boca Raton or Myrtle Beach.”

Download the City Vs City app to see a clear financial picture of how other parts of the country compare to the New York area. City vs City is the only cost of living calculator that looks at real-world costs.

While other apps focus on medians and averages, we look at your actual income, savings, and expenses. We even calculate state and local taxes. When put together, our app gives you an accurate look at your cost of living.

Continue reading the article here.