Personal finances are cited most often as the top reason people leave New York to live in Florida, a new survey by BestBrokers.com reveals.
The survey asked 1,223 respondents to rank and provide their main reasons for relocating to Florida, given a list of seven choices.
“Lower taxes” and “Lower cost of living” were, by far, most often listed as the number one reason for moving from New York to Florida:
1. Lower Taxes: 28.1%2. Lower Cost of Living: 25.2%3. Better Job and Career Opportunities: 15.1%4. Retirement: 10.8%5. The Relaxed, Holiday Atmosphere: 10.3%6. Warm Weather: 5.4%7. More Accessible Schools and Colleges: 5.1%Indeed, while Florida has no personal income tax, personal income tax in New York ranges from 4% to 10.9%, BestBrokers reports.
Additionally, college tuition costs $3,741 less, on average, and annual health care costs are $3,511 lower. What’s more, Florida is recognized as having an excellent school system, especially in terms of higher education, BestBrokers notes.
Despite ranking as the number one state for retirement in a Credit Karma survey, just 10.8% of respondents cited retirement as the main reason for relocating from New York to Florida. In comparison, New York ranked the 48th best state to retire in, according to Credit Karma.
“More New Yorkers moved to Florida in 2022 than any year in history in staggering exodus,” The New Yorker reported last month, offering New York’s high crime rate as another reason for relocating:
“Dazed and abused by high taxes and rising crime, more New Yorkers fled to Florida in 2022 than any year in history, according to new data.
Last Monday, while in New York visiting Staten Island, Florida Gov. Ron DeSantis (R-Fla.) not only touted the lowest crime rate in fifty years, but also invited disenfranchised New York law enforcement professionals to move to Florida, where they’ll be welcomed:
“A staggering 64,577 Empire Staters exchanged their driver’s licenses for the Sunshine State version last year, according to figures from the Florida Department of Highway Safety and Motor Vehicles.”
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“If you’re disenchanted, if you don’t think things are going to turn around wherever you are — not just in New York, wherever — just know that there’s a state that’s doing it right. There’s a state that will value your service.”
Data used in BestBroker’s analysis are derived from a range of sources, including the Missouri Economic Research and Information Center for the Cost of Living Index, the Federation of Tax Administrators, the U.S. Bureau of Economic Analysis website, the U.S. Census Bureau and the Bureau of Labor Statistics.
See full report by BestBrokers.com.