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☆ Young people are flocking to Florida. It's boosting the state's economy, but living there comes with hidden costs.
  + stars: | 2024-02-19 | by ( Cork Gaines | ) www.businessinsider.com   time to read: +7 min
Florida, which has long attracted new residents thanks to its beaches and absence of state income tax, is getting an economic boost driven by young Americans seeking new opportunities. AdvertisementYoung people are driving Florida's economic strength. Getty ImagesFlorida's economy is growing thanks to the newcomersFlorida's population surge is driving the state's robust economy and demand for housing. The Sunshine State's economy is projected by Wells Fargo to expand in 2024, propelled by a robust job market. Thanks to the more damaging weather, Floridians paid more for home insurance in 2023 and the second-most for car insurance compared with other states.
Persons: —, Wells, Sean Pavone, Wells Fargo, Taylor Tyson, Miami —, Policygenius, Hurricane Ian, Matias J, Forbes, Michael Bordenaro Organizations: Service, Smart Asset, " Employers, Wells, —, Census, SEC, Miami, Miami Herald, Tribune, Getty Locations: Florida, Florida . Florida, Tampa , Florida, Wells, — New York , California, New Jersey, California, New York, Florida — Jacksonville, Tampa, Hurricane, Miami, St, Petersburg
☆ High-earners could save 40% of their salary by moving from New York to Texas because of cheaper living costs and lower tax rates, report says
  + stars: | 2023-07-21 | by ( Sawdah Bhaimiya | Junior Reporter | Business News | ) www.businessinsider.com   time to read: +2 min
High-earners in New York could save 40% of their salary by moving to Texas, a new study shows. This is because New York City has higher tax rates and living costs. High-earners in New York City could save 40% of their salary by relocating to Texas, a new study found. This is because after accounting for tax and the cost of living, you'd have only $160,717 left in New York but in Austin, you'd have $418,929 left. Some young professionals are being pushed out of New York City because wages are not keeping up with increasing costs.
Persons: SmartAsset, San Francisco Organizations: New, New York City, Council for Community, Economic Research, Smart Asset, New York, San Locations: New York, Texas, San Francisco, Austin , Texas, Austin, Austin it's, New York City
☆ People living in New York, San Francisco, and Honolulu need to earn $300,000 to feel like they're making $100,000 as inflation bites, survey says
  + stars: | 2023-04-18 | by ( Sawdah Bhaimiya | ) www.businessinsider.com   time to read: +3 min
Earning $300,000 in New York, San Francisco, and Honolulu feels like earning $100,000. Inflation surged to highs not seen since the 1980s in 2022, pushing the cost of living higher. The study found that New York, San Francisco and Honolulu have the highest cost of living at over 80% above the national average. New York came in at a close second with $312,000 needed, while San Francisco required $310,700. In March, the rate of consumer price inflation was 5%, remaining significantly above average compared to the past 30 years.
☆ These are the 15 worst places to buy a home if you want it to increase in value. Almost all of them are in the Midwest.
  + stars: | 2023-04-09 | by ( Aidan Pollard | ) www.businessinsider.com   time to read: +1 min
Markets in Michigan and Ohio rank among the worst for home value growth, according to a SmartAsset study. Flint, Michigan ranks worst in the country, according to the study. According to a new SmartAsset study, some markets in Ohio and Michigan rank among the worst for home value growth and stability. The study took stock of 400 US housing markets and the amount the values of homes increased over the past 25 years. If you're looking to buy a home, here are the 15 US markets with the worst return on investment you might want to avoid:
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