Are people still moving to Florida?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Rich people only have to live in Florida 27 weeks a year.

In the Hamptons and NYC condos and Coops tons are in LLCs. Owners have homestead exemption in Florida and keep a second non primary residence in NY

To be honest I own condo in NY. I have no mortgage. Costs me $900 a month to own taxes plus common charges and insurance.

That is only 11k a year. I was in Florida recently and I saw tons of recently retired NY people from Wall Street. Easy to have a 3 million 401k plus old stock grants plus maybe 5 million in stocks and bonds that in retirement throwing off big taxable income tax streams between RMDs etc.

Why give NY 8 percent? Why pay 36k property tax on your large NY house. Why not just buy a one bedroom coop in NYC or small place in Hamptons and a Florida home.

Why give NY 8 percent? My answer would be because you presumably benefited from its robust economy and perhaps its public schools (either directly, or indirectly via being able to hire educated workers to help make you successful). It’s part of the social contract.

On another note, it’s amazing how the older I get the more I see people who, trapped by their greed, choose to live in places they dislike, or wouldn’t prefer, due to taxes. Here it’s FL or TX, in Europe it’s Switzerland or increasingly Belgium. I thought being wealthy would set people free but it’s a trap, in some ways.

Because the next generation broke the social contract. My old NY neighborhood used to be working class Irish, Italian German, Jewish. People stayed cradle to grave and children bought in town. School taxes were fairly reasonable as tons of houses no school kids as people stayed till they died.

My older neighbor home prices went up as illegals and multigenerational moved in. Quality of life fell and taxes shot you.

If you have two or three families splitting a house overwelms school district and landlord bought single families illegally rented to illegals with multiple kids paying no taxes. Unlike MD and VA each town on NY suburbs school taxes come out of property taxes.

Now why would a 75 year old widow who loves alone want to pay high school taxes to send the kids on block to school whose parents pay zero school taxes.

My brother who moved to Florida has a 1,700 square foot cape on a 55x100 plot paying $24,000 a year on property tax. His neighbor in 3,200 sf homes on 100 by 100 plot pay $36,000. Neither have school age kids. It is the houses cut up into illegal multifamily or multigenerational housing driving up taxes.

School quality has fallen. Crime has risen, towns are dirtier. Of course older people are leaving

[Anonymous]

The thing is that one of the main reasons people move there is for the tax breaks. Were it not for that, I think the numbers would be much lower. My mother in law does her six months and a day but she doesn't love it. All things being equal she'd rather be in the Carolinas, but she's in FL for the taxes or lack thereof.

[Anonymous]

Anonymous wrote:Florida is no longer the top retirement state. Pennsylvania now has 3 of the top 5 cities to retire to in the US. Florida still gets a lot of migrants and retirees, though, just not as many as it used to.

https://www.inquirer.com/real-estate/housing/best-place-retire-pennsylvania-us-news-world-report-20221101.html

The NJ, NY, MD to PA move has been going on for decades. Draw and L and flip it vertically along the PA-NJ border. PA does not tax retirement income-401, pension, social security. It also has a low tax on everything else=3.07%.

Some SE PA residents move to DE for the low [almost no property taxes]. There are 55+ communities and others with fine SFH in Sussex County DE. Ones not 55+ in the inland Lewes-Rehoboth area appeared to sell to lots of retirees. Maybe 15k PA property taxes v 1k DE eases the income tax. https://www.khov.com/find-new-homes/delaware/lewes/19958/four-seasons/k.-hovnanian-s-four-seasons-at-belle-terre?ref=GoogleSearch_Delaware-Community-Four-Seasons-at-Belle-Terre&utm_term=Delaware&utm_content=KHovnaniansFourSeasonsatBelleTerre&utm_source=google&gclid=EAIaIQobChMI0Per8oyr-wIVBr_ICh152QZXEAAYASAAEgLzz_D_BwE

[Anonymous]

I'm mid 40s in Florida. Rich town on the gulf coast with lots of recent transplants. If not in the last 3 years, definitely the last 15 years. No one moved here because of "the taxes". People generally moved here because they had grandparents or parents retired here, they came and visited a lot when they were younger and starting their careers, and were always super happy here. So when they got older and had some flexibility with careers, they decided to move somewhere that made them happy - plus be closer to retired family. Simple as that. That's the story we hear from 90% of the people we meet in our age bracket. That, or they had a good job opportunity here (typically, doctors).

Sure, the lack of taxes are a perk. But no one working age moves to Florida just because of the taxes. That's not even top 5.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Rich people only have to live in Florida 27 weeks a year.

In the Hamptons and NYC condos and Coops tons are in LLCs. Owners have homestead exemption in Florida and keep a second non primary residence in NY

To be honest I own condo in NY. I have no mortgage. Costs me $900 a month to own taxes plus common charges and insurance.

That is only 11k a year. I was in Florida recently and I saw tons of recently retired NY people from Wall Street. Easy to have a 3 million 401k plus old stock grants plus maybe 5 million in stocks and bonds that in retirement throwing off big taxable income tax streams between RMDs etc.

Why give NY 8 percent? Why pay 36k property tax on your large NY house. Why not just buy a one bedroom coop in NYC or small place in Hamptons and a Florida home.

Why give NY 8 percent? My answer would be because you presumably benefited from its robust economy and perhaps its public schools (either directly, or indirectly via being able to hire educated workers to help make you successful). It’s part of the social contract.

On another note, it’s amazing how the older I get the more I see people who, trapped by their greed, choose to live in places they dislike, or wouldn’t prefer, due to taxes. Here it’s FL or TX, in Europe it’s Switzerland or increasingly Belgium. I thought being wealthy would set people free but it’s a trap, in some ways.

Because the next generation broke the social contract. My old NY neighborhood used to be working class Irish, Italian German, Jewish. People stayed cradle to grave and children bought in town. School taxes were fairly reasonable as tons of houses no school kids as people stayed till they died.

My older neighbor home prices went up as illegals and multigenerational moved in. Quality of life fell and taxes shot you.

If you have two or three families splitting a house overwelms school district and landlord bought single families illegally rented to illegals with multiple kids paying no taxes. Unlike MD and VA each town on NY suburbs school taxes come out of property taxes.

Now why would a 75 year old widow who loves alone want to pay high school taxes to send the kids on block to school whose parents pay zero school taxes.

My brother who moved to Florida has a 1,700 square foot cape on a 55x100 plot paying $24,000 a year on property tax. His neighbor in 3,200 sf homes on 100 by 100 plot pay $36,000. Neither have school age kids. It is the houses cut up into illegal multifamily or multigenerational housing driving up taxes.

School quality has fallen. Crime has risen, towns are dirtier. Of course older people are leaving

If property taxes pay for schools then how are the renters avoiding paying taxes? The landlord pays the taxes and passes it on to the renters.

[Anonymous]

Yes, OP, people are still moving down to Florida.

We did last year, and see the flow continue around us.

For how long? That I don't know. But I wouldn't mind a pause -- real estate has not gone down yet.

[Anonymous]

Anonymous wrote:"sick of what" already?

A$$holes in Virginia.

[Anonymous]

The regulation of abortion is the least problem of Florida. Global warming and sea level rise will make great parts of Florida uinhabitable. I wouldn't spend a dime for a house in Florida.

[Anonymous]

Anonymous wrote:The regulation of abortion is the least problem of Florida. Global warming and sea level rise will make great parts of Florida uinhabitable. I wouldn't spend a dime for a house in Florida.

Hey, didn't the Obamas recently bought a McMansion in an island next to the coast?

Hint: don't believe every alarmism you read in the media...as Keynes said, in the long term, we'll be dead anyway.

[Anonymous]

Anonymous wrote:I haven’t seen any of the once ubiquitous articles about how everyone from the NE moved to FL. Are people sick of it already? Are they moving back? What’s happening in your circles?

People from the south sure aren’t moving to the NE.

[Anonymous]

Anonymous wrote:

Anonymous wrote:The regulation of abortion is the least problem of Florida. Global warming and sea level rise will make great parts of Florida uinhabitable. I wouldn't spend a dime for a house in Florida.

Hey, didn't the Obamas recently bought a McMansion in an island next to the coast?

Hint: don't believe every alarmism you read in the media...as Keynes said, in the long term, we'll be dead anyway.

Well, good luck in your fairy tale: https://www.scientificamerican.com/article/35-billion-worth-of-real-estate-could-be-underwater-by-2050/

[Anonymous]

Anonymous wrote:The regulation of abortion is the least problem of Florida. Global warming and sea level rise will make great parts of Florida uinhabitable. I wouldn't spend a dime for a house in Florida.

Sigh. Climate change is not likely to have a major Florida coastal impact. Other places maybe. But Florida will be fine.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The regulation of abortion is the least problem of Florida. Global warming and sea level rise will make great parts of Florida uinhabitable. I wouldn't spend a dime for a house in Florida.

Hey, didn't the Obamas recently bought a McMansion in an island next to the coast?

Hint: don't believe every alarmism you read in the media...as Keynes said, in the long term, we'll be dead anyway.

Well, good luck in your fairy tale: https://www.scientificamerican.com/article/35-billion-worth-of-real-estate-could-be-underwater-by-2050/

dp.. rich people can and will always weather (pun intended) the storms better than not so rich people.

[Anonymous]

Anonymous wrote:

Anonymous wrote:The regulation of abortion is the least problem of Florida. Global warming and sea level rise will make great parts of Florida uinhabitable. I wouldn't spend a dime for a house in Florida.

Sigh. Climate change is not likely to have a major Florida coastal impact. Other places maybe. But Florida will be fine.

Are you trying to say that FL is the most elevated state in the country, LOL? What do you smoke/drink? I would like some of that.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Florida is no longer the top retirement state. Pennsylvania now has 3 of the top 5 cities to retire to in the US. Florida still gets a lot of migrants and retirees, though, just not as many as it used to.

https://www.inquirer.com/real-estate/housing/best-place-retire-pennsylvania-us-news-world-report-20221101.html

The NJ, NY, MD to PA move has been going on for decades. Draw and L and flip it vertically along the PA-NJ border. PA does not tax retirement income-401, pension, social security. It also has a low tax on everything else=3.07%.

Some SE PA residents move to DE for the low [almost no property taxes]. There are 55+ communities and others with fine SFH in Sussex County DE. Ones not 55+ in the inland Lewes-Rehoboth area appeared to sell to lots of retirees. Maybe 15k PA property taxes v 1k DE eases the income tax. https://www.khov.com/find-new-homes/delaware/lewes/19958/four-seasons/k.-hovnanian-s-four-seasons-at-belle-terre?ref=GoogleSearch_Delaware-Community-Four-Seasons-at-Belle-Terre&utm_term=Delaware&utm_content=KHovnaniansFourSeasonsatBelleTerre&utm_source=google&gclid=EAIaIQobChMI0Per8oyr-wIVBr_ICh152QZXEAAYASAAEgLzz_D_BwE

Word is property tax increases are in the works for Sussex county De.