The Financial Advantages of Moving South: What You Need to Know
If you are currently living on Long Island or anywhere in New York, you may be tinkering with the idea of moving to one of the southern states like Florida. We’ve witnessed that the states in the South have experienced significant job growth due to the relocation of other companies from the North to the South or opening branches in the area.
And if you have the opportunity to move from New York to the South, you’ll find plenty of jobs down there for you to get started with. The idea of selling your current home to a Long Island cash buyer and moving South as soon as possible might feel very appealing, especially during this winter, but understanding the financial advantages of moving south will really help you push your decision. Let’s take a look at the financial advantages of moving south this year.
Some Southern states don't have a state income tax
Most people aren’t aware of this, but the Southern states such as Texas, Tennessee, and Florida, as well as Arizona and the Carolinas, have different rules on state income tax. So Texas, Tennessee, and Florida don’t have state income tax at all. But Arizona and the Carolinas have a state income tax but with relatively low rates. Did you know that those rates don’t even surpass 7%? That alone is a great financial advantage of moving south because without those taxes you have more income.
The weather alone is a great financial advantage
You wouldn’t consider the weather when it comes to your finances, but if you consider how much it costs to heat your home in the north, then the overall financial benefit is going to be there. Over the winter months with milder weather, you won’t have to spend so much money on your heating. It’s a great draw anyway, because who doesn’t want to live in year-round sunshine? But if you could swap the snow and a poorly insulated house for a house that is better equipped to withstand the sun, why wouldn’t you?
You could save money on your fuel costs
When you move to the South and you find a suburb that’s out of the city and less congested, you then save money on your fuel costs because you’re not sitting in endless traffic burning that fuel. You can avoid the congestion and avoid the commute to work at the same time.
The job opportunities are huge
As we already mentioned, job availability is a huge reason for a shift down to the South, and the financial advantages are clear. There’s every chance that you could earn the same income in the city down in the South as you would anywhere else, which means you’re going to end up with a higher income for a better job while paying less on your mortgage and your bills. It’s a great way to appeal to people because industries and manufacturing contracts in the Midwest specifically, are leading many workers to seek better high-tech contracts.
The cost of living is much lower
You may have heard the jokes about people retiring to Florida or to the Midwest as they get older, and there’s a reason for that. The lower cost of living is a significant factor in the increased levels of migration. The aging boomer population is another driving force here because those relocations are happening as more retirees seek warmer climates with a lower cost of living in the southern states. Combined with the warmer climate, you get all the year-round sunshine you want without having to spend as much. This is much kinder on a pension purse.
Stretching the grocery budget is far easier
When we’re talking about the cost of living being much lower, we have to factor in the cost of groceries in that we’ve witnessed the cost of living crisis hit global chaos right now, and that means that moving to southern states can allow you to buy groceries for much cheaper. This allows you to stretch your budget further if you’ve just bought a new house. That’s exactly what you need.
Housing is affordable
Did you know that in the southern states, housing prices can be more affordable than in northern regions? Individuals or families being priced out of the cities of the northern states will often find homes that fit their budgets with more land and without having to compromise on amenities or space. In fact, most of the homes can be built from scratch with a pool in the back. Still cost less than you spend in New York? Making sure that you have contacted a Long Island Cash buyer for your house before you go is really going to help get your house sold quickly and easily.
It's a business friendly environment
As we discussed, most Southern states have experienced a boom in economic growth and job creation. With industries like technology, healthcare, and manufacturing seeing the benefit of building in the southern states, individuals will have more job opportunities which then leads to a more business-friendly environment. There are tax incentives for businesses to establish themselves there, which can lead to a thriving job market and entrepreneurial opportunities you may have not received before.
The retirement benefits
If you’re looking to move because you’re looking to retire now, then moving to a southern state is a great idea. Because of the tax breaks and incentives that are out there for retirees, it can be financially advantageous to retire in a southern state rather than staying where you are. If you know that the value of your home has gone up in the northern states. Selling for cash and buying again in the South means that you could be potentially living mortgage-free with money in the pot.
Selling Your Long Island House to Move South
In summary, moving from New York to the sunnier, more economically vibrant south presents a golden opportunity you shouldn’t overlook. From significant tax savings in states like Texas, Tennessee, and Florida, to the undeniable advantages of a warmer climate reducing heating costs, every aspect of southern living speaks to financial wisdom. Imagine the possibilities: lower fuel costs due to less congested areas, abundant job opportunities in growing industries, and a cost of living so favorable that it stretches your budget further, including more affordable groceries and housing. With the South’s business-friendly environment and attractive retirement benefits, making this move could be the smartest financial decision you make. If the idea of living more comfortably, potentially mortgage-free, and with extra money to spare appeals to you, now is the time to contact a Long Island cash buyer to sell your Long Island home and embark on this exciting new chapter in the south. Don’t let this opportunity pass you by – embrace the change, reap the financial rewards, and enjoy the quality of life that the southern states offer.