Being from New York with plans of moving to Miami after graduating from HPU in May, I was interested to see if it was a common trend for other New Yorkers to do the same. All I hear from everyone in New York is how expensive it is to live there, especially when it comes to taxes. On Long Island, my hometown, many young people move away from there homes in search of a less expensive location to live and start their post-college lives. Also, those who live in the luxurious places in New York City such as Manhattan can’t seem to afford the lifestyle there anymore and search elsewhere for “cheaper” luxury real estate.
After a bit of research, I found that 13% of luxury residential property sales last year in Miami were bought by people from New York! This surely indicates that Miami is a hotspot for people searching for cheaper luxury living to migrate to, and it is quite simple why. Taxes in New York can be up to 12% where they are much less in Miami, and New Yorkers are paying almost the same price per square footage. Moving away from the hectic city environment to oceanfront condominium properties is looking like a bargain and more and more people are realizing it.
I always had aspirations when I was younger of someday living in New York City because it amazed me every time that I would visit. There seemed to be so much opportunity there and really just seemed like a fun place to live. This was before I even began thinking about the financial aspect of living there, and now that I made the decision to live in Miami, I think that I am making a better choice that will allow me to have a better lifestyle in the long run.
amorhaimhpu 