Why Are People Leaving New York?
New York is one of the leading states in the nation, but not for the reason you may think. The Empire State is nearly number one for losing residents. Between 2000 and 2010, more than 1.6 million New Yorkers moved out. Meanwhile, the state is also facing a drop in international immigration. This is creating an imbalance in the number of people moving into and out of New York.
New York is ranked dead last in the country for “income migration”. This phenomenon describes the amount of residents with incomes that are moving into the state vs moving out. From 2000 to 2010, New York lost $45 billion in income that moved to a different state. According to the US Census, New York has been America’s favorite place to leave for 20 years.
The number one reason so many people are leaving is because of high taxes. Property taxes in New York are exceedingly higher than other states, with some residents spending up to $8,700 a year on property tax alone. New York residents are moving to places like Florida, Texas, Pennsylvania, and North Carolina. These states have significantly lower taxes and an overall lower cost of living than New York.
In addition to high property tax, New York’s regulatory system is one of the worst in the country. This hard to understand system makes doing business in the state very difficult, and it can take months to process requests and permits. On average, small businesses in NY have to spend more than $10,000 per year, per employee to comply with federal regulations.
These issues with taxes and regulations make New York one of the least desirable states in the US for living.
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