Young people are fleeing New York — and it’s obvious why.
Astronomical property taxes have made raising a family and putting down roots nearly impossible in the tri-state area. As a result, young and well-educated people are fleeing New York in droves in search of warmer and less expensive climates.
The median property taxes for most counties that surround New York City are jaw-dropping. According to data from the Tax Foundation, residents in Nassau County pay $9,289, while homeowners in Bergen County, NJ, pay $9,081. Westchester stood out as the highest in the nation in 2010 with a median tax
Rents in New York City are no better. The average one-bedroom apartment in Manhattan in March cost $2,747 a month, according to CitiHabitats. If you have a child and need a two bedroom apartment it will set you back an average of $3,865. Brooklyn and Queens, once cheaper alternatives, are rapidly catching up with Manhattan rental prices.
Compare these numbers to some of the fastest growing areas in the country and you will see why many people, including Gen Xers and Millenials, are packing up their bags.
Austin, Texas, has a median property-tax rate of $1,985; in Charlotte, NC, it’s $1,964, and in the Raleigh/Durham, NC, region it’s $2,101.
A recent report from the Empire Center for New York Policy shows that the population of New York state is growing older faster than the rest of the nation. And an aging population will make the New York region less competitive economically — which will make it even harder to retain young college grads….
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