New York City's high-income earners face a soaring cost of living crisis and some of the highest tax rates in the country.
Compounding their financial struggles is an out-of-control crime wave, as Democratic leadership in City Hall struggles to maintain law and order. The strategy some have had to protect wealth and stretch salaries further is to move South.
We have explained to readers that "Moving To 'Wall Street South' From NYC Can Save You Up To $200k."
If New Yorkers considered moving to Austin, Texas, they could save even more.
The Finance website SmartAsset compared NYC's cost of living and tax rates to Austin's to determine how much New Yorkers could save.
The results were stunning.
Someone earning $650,000 in the Big Apple saves $258,212 in Austin. Even someone making $150,000 in NYC could benefit from the move.
In a post-Covid era, young professionals and families have fled high-taxed and crime-ridden Democrat metro areas for southern states, such as Texas. One of the most significant advantages of Texas is no corporate or personal income tax ... and the state has one of the lowest tax burdens in the nation.
But it's not just all about taxes. The cost of living is cheaper overall. Plus, people are friendlier.