Reply to Yikes, should we sell our MoCo home and move to NoVA?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Above poster, can you state your source that young professionals aren’t moving to MoCo? I am curious[/quote]

Not saying young professionals are not moving to MoCo....I'm saying that young professionals with the same level of income as all of the boomers who used to have very high salaries (think Potomac etc.) are not moving in at the same rate as the boomers are retiring. THe county will lose a huge amount of tax revenue from all of the boomers with high salaries who are retiring from 2020-2030.  Young people are moving in, but not with the same level of salary to replace the loss.

And this has been covered over the years by numerous outlets, I dunno if I can find them all now:

https://wjla.com/news/local/census-d-c-suburbs-strained-by-baby-boomers-retirees-61364

http://montgomeryplanningboard.org/wp-content/uploads/2019/01/Demographic-Housing_Empl-Trends_Final.pdf

Look at page 29 of the report above at the  forecasted decline for Peak Wage Earners in MoCo. By 2040 the picture is quite bleak.  The Boomers are exploding in population and will offer no tax revenue while the peak earning base in MoCo is declining (resulting in part due to the lack of economic growth).  MoCo is in trouble.  [/quote]

MoCo is triple AAA rated. And no one is leaving in Potomac. Might be on paper some movement as a few snowbirds with new tax law.   [/quote]

MoCo is triple AAA rated for now, but you seem to have trouble understanding where the county is headed. It is an undeniable fact that the county continuues to run up huge deficits.  It's an undeniable fact that the county's demographics for high wage and prime ages earners looks grim while there is going to be an explosion of retired baby boomers in the county.  We also haven't seen anything yet.  Just wait until the county's finances face huge pressure from all of the retirement pensions it's owes the coming wave of county govt workers and employees.

MoCo can't economically grow its way out of it's problem and it won't stop spending. There is increasing pressure to spend even more money on schools, which already eats up half the budget.  Decreasing tax revenues from the explosion of retirees, increased pressure in retirement obligations, no economic growth....to keep that AAA bond rating means you know what.....tax increases are coming.  Expect potentially large increases in property, income and business taxes.  It's going to be to drive people out or prevent them coming over the next 10-15 years.[/quote]

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