It's no secret, people have been leaving New York State. People leave for many reasons, including retirement, to live in warmer climates, political reasons, etc. But, one of the main (if not the prime) reasons is due to the cost of living. Yes, there are definitely cheap places to live around the state, but there are also some of the most expensive places in America.
The Cost Of Living Is The Highest In These 5 Counties
According to 247WallSt.com, New York takes the cake when it comes to the cost of living,
Living in New York is more expensive than it is on average across the U.S. as a whole. According to data from the Bureau of Economic Analysis, goods and services in the state cost 16.4% more than they do on average nationwide. Compared with all other states, New York has the second highest overall cost of living.
The website points to housing as one of the main reasons living in New York is so expensive. Yes, there are tons of rural areas around the state, but many people choose to congregate in urban areas - increasing demand with a limited supply. People in New York pay more for their houses or pay more for rent than the U.S. average. That's in addition to the increasing costs of food, medical and dental care, taxes, transportation, child care, and utilities, which can break the bank during New York's cold winters.
When it comes to the counties that cost the most to live in, these are the top 5 in New York State for a family of 4):
5. Rockland County - $135,580.47
4. Putnam County - $138,750.36
3. Suffolk County - $138,766.55
2. New York County - $139,791.09
1. Nassau County - $140,425.16
In New York, Nassau County, home to the village of Hempstead, has the highest overall cost of living for a family of four at $140,425 per year, well above the statewide average of $115,993 per year.
If you're looking for the cheapest option in New York State,
Chautauqua County is the least expensive place in New York. The average annual cost of living for a family of four in the area is just $75,790, $40,203 less than it is across the state as a whole. Jamestown is the most populous community in Chautauqua County.
People Moving Out Of New York Have Cost The State Billions
According to MoneyWise,
Data from the Internal Revenue Service (IRS) found that New York state lost $25 billion in adjusted gross income from migration out of the state in 2021. This was on top of the $20 billion the state lost in 2020.
The site says that Florida is the main state reaping the benefits of people moving out of New York. Florida saw a 39 percent increase in income from 2020 to 2021. Income in the state increased to $39 billion in 2021, up from $28 billion in 2020. The biggest influx of residents was from New York. Of course, it's hard to compete with a state that has warm weather year-around AND no state income tax. For many people though, including people of color, immigrants, LGTBQ, non-Christians and women, Florida is NOT an option now due to politics.
2 Counties In New York State Are Among Top 5 Highest Property Tax Rates
Two counties in New York landed in the top 5 for the highest property taxes in America.
According to U.S. Census Bureau, the average American household spends $2,690 on property taxes on their homes. Vehicle property taxes in 26 states costs on average another $444. National Tax Lien Association says that $14 billion in property taxes are not paid each year.
Realtor.com released a list of the counties in America with the highest property taxes. Two from New York State were in the top 5, one actually topped the list. Before we get to the counties with the highest property taxes, let's take a look at where New York lands as a state.
Surprisingly, New York is not in the #1 spot. Homeowners in New Jersey paid the most property taxes last year. The average was $9,527 in 2022.
2. Connecticut - $7,671
3. Massachusetts - $7,044
4. New Hampshire - $6,855
5. New York - $6,673
When it comes to counties, though, two are in the top 5, with one topping the list.
1. Homeowners in New York County, NY, which includes Manhattan, had the highest property tax bills, at an average of $42,627 a year.
2. Marin County, CA - $14,415
3. Essex County, NJ - $13,168
4. Bergen County, NJ - $13,115
5. Nassau County, NY - $12,890