Post by account_disabled on Mar 12, 2024 1:26:50 GMT -5
Workers with salaries of more than $650,000, about 596,500 euros , who currently reside in New York or San Francisco could spend much less money per year if they lived in Miami. According to a study by SmartAsset, a financial information provider, moving to South Florida from the Big Apple can save almost $200,000 (180,500 euros), thanks to lower taxes and a cheaper cost of living. Doing it from the Pacific coast to the Atlantic coast could mean more than 150,000 dollars (138,000 euros) in savings.
Florida has long been a destination for retirees from the rest of the country , who flocked south in search of better weather and lower taxes. But the exodus of citizens from high-cost states, including New York and California, to the Sunshine State has accelerated during the pandemic. That has helped boost housing prices, especially in Miami.
The SmartAsset study looked at single taxpayers Cambodia Telegram Number Data earning between $150,000 and $650,000 a year in New York, San Francisco and Chicago and took into account federal, state and local tax data. Additionally, they used the downtown areas of each city to account for housing expenses and the cost of living. With all this, they calculate what these employees can save if they move to the city in southern Florida.
A top-ranking employee currently residing in New York could save up to $195,076, nearly 180,000 euros, if he were residing in Miami. While, if he moved from San Francisco, he would achieve more than 150,000 dollars, around 138,000 euros.
The situation is reduced when compared to Chicago, where the savings achieved are 'barely' 10,500 dollars, 9,655 euros. This minimal correction confirms that the cost of living in the city at the foot of Lake Michigan is cheaper and offsets the tax benefits in Florida.
The real estate boom caused by this boom to live in Florida has reduced the economic benefits of moving there. Billionaire Peter Thiel, co-founder of PayPal , along with Elon Musk, recently stated that moving from Silicon Valley to Miami did not make sense.
Manhattan and Miami have the largest differences in the cost of living, according to the report. The average cost is 138% higher than the US average in Manhattan, but only 23% higher than the average in Miami.
The biggest differences are seen in Florida's lower state income tax rate. While those living in New York face an effective tax rate of 45%, in Miami it is reduced to 35%.
In San Francisco, taxes rise to 46%, while the cost of living in the Golden Gate City is 83% higher than the country average. Meanwhile, in Chicago, the cost of living is only 17% higher than the national average, below Miami, and its effective tax burden on top earners is around 40%, the study concludes.
Florida has long been a destination for retirees from the rest of the country , who flocked south in search of better weather and lower taxes. But the exodus of citizens from high-cost states, including New York and California, to the Sunshine State has accelerated during the pandemic. That has helped boost housing prices, especially in Miami.
The SmartAsset study looked at single taxpayers Cambodia Telegram Number Data earning between $150,000 and $650,000 a year in New York, San Francisco and Chicago and took into account federal, state and local tax data. Additionally, they used the downtown areas of each city to account for housing expenses and the cost of living. With all this, they calculate what these employees can save if they move to the city in southern Florida.
A top-ranking employee currently residing in New York could save up to $195,076, nearly 180,000 euros, if he were residing in Miami. While, if he moved from San Francisco, he would achieve more than 150,000 dollars, around 138,000 euros.
The situation is reduced when compared to Chicago, where the savings achieved are 'barely' 10,500 dollars, 9,655 euros. This minimal correction confirms that the cost of living in the city at the foot of Lake Michigan is cheaper and offsets the tax benefits in Florida.
The real estate boom caused by this boom to live in Florida has reduced the economic benefits of moving there. Billionaire Peter Thiel, co-founder of PayPal , along with Elon Musk, recently stated that moving from Silicon Valley to Miami did not make sense.
Manhattan and Miami have the largest differences in the cost of living, according to the report. The average cost is 138% higher than the US average in Manhattan, but only 23% higher than the average in Miami.
The biggest differences are seen in Florida's lower state income tax rate. While those living in New York face an effective tax rate of 45%, in Miami it is reduced to 35%.
In San Francisco, taxes rise to 46%, while the cost of living in the Golden Gate City is 83% higher than the country average. Meanwhile, in Chicago, the cost of living is only 17% higher than the national average, below Miami, and its effective tax burden on top earners is around 40%, the study concludes.