Why Wealthy New Yorkers Are Leaving to Miami

According to The New York Post, affluent New Yorkers, financially distressed by recent changes to the nation’s tax laws, are bucking the Big Apple’s high costs and heading for an economic paradise — Florida’s Miami-Dade County area.⠀⠀⠀⠀⠀⠀⠀⠀⠀

According to US Census Bureau data, Florida had the highest number of migrants from other states, with New York contributing the most — 63,722 people during the 12 months ended in July 2018.⠀⠀⠀⠀⠀⠀⠀⠀⠀

The reason is not surprising. A study posted by the Unhappy New Yorkers website calculates savings of nearly $25,000 on an annual income of $100,000 in Dade County compared with New York City, owing to lower taxes and lower cost of living. And that savings translates to a tidy $235,000 on $1 million.

To read more on why wealthy New Yorkers are moving to Florida, you can read the full article here: https://nypost.com/2019/07/21/wealthy-new-yorkers-are-ditching-citys-high-taxes-for-miami/