Well, if you take away deducting your state income tax SALT deductions due to the Trump tax laws and combine that with states like FLA, Tenn and Texas that has no state’s income tax, many wealthy people will see a big savings by doing this. No surprise. However, I wonder how many of these people are doing the 6 months and a day thing in these states? They are not really moving just technically to save money. In the end, the center of wealth remains CA, NYC and the surrounding areas like NJ and Conn. it will remain that way as well. We shall see over the years.
I think a lot are doing the 6 month and a day, but in terms of wealth, they are now spending half of that money in Florida….restaurants, shopping, entertainment, etc.
As Boomers retire, will also be interesting to watch if they move and where they migrate.
i bet most people spend half of their money online. based on the real estate market in my area of pa nobody is moving out of here. just NY and NE people moving in
Well you can't eat on-line or go to a concert on-line.
I bet most people do not spend their money online. Geez, tell me you are a millennial living in an apartment without telling me you're a millennial living in an apartment.
Biggest RE trend right now is lack of inventory. People are reluctant to leave their 2-4% mortgages to flip them for a 6%+ mortgage. Unless they are retiring and fleeing the area, they're staying put. That said, everything that is hitting the market in the central NJ/eastern PA area are scooped up in price wars from cash offers. It's incredible. 20%+ over asking price in multiple bids, and the offers are all cash. Much of that is NY pushing south/west.
My youngest daughter is trying to buy her first house between Chatham and Basking Ridge with no success. Houses going for 10-20% over ask. She's missed on over 15 properties and she has bid over list each time. I'm hoping some guy that appreciates a 30 year old woman with a great job, personality, looks meets her soon!
It's crazy right now. I'm in touch with several realtors in my network. As an advisor, unless someone really wants to get out of the area, I tell them it makes no sense to lose their low-rate mortgage right now so financially you're stuck in your house. I refinanced $400k of my mortgage last year to take some equity out for a pool and locked a 15-year mortgage at 2.125%. I flipped that from a 2.25% mortgage (already ridiculously low) that I had just done (yes, wife decided on pool after I refinanced) and increased my payment by $600/month plus year 15. That's $600/month to cash out $100k. Nearly free money.
Once you have the pool, take my advice and never calculate the cost/swim.....lol. But I get it, that's not why you do it. For the few years it served as the family get-together and party location...priceless. Once it became just my wife and I, that also justified the move and another week in that European rental:!).
I'll start you on a somewhat burner as there are some maniacs on this site (looking at you Hall85)... lol
I was all set for a membership at Battleground (still might), but my family dynamic makes the pool a no-brainer. My daughter can be difficult and getting to a destination in a timely manner, if at all, isn't necessarily easy/consistent. To have it steps away is huge. And the kids are 8 so I have a good 15 years until they're really gone, if lucky.
That sounds awesome and you have a good runway for use with the age of your kids (it'll get the cost/swim down considerably). Would not trade the memories as we had something similar but on a bit smaller scale. For twelve years, we hosted an "Annual Burger Throw-Down" where each "participant" had to show up with at least 18 sliders with their own recipes....the last year we had 65 people and 18 entries...do the math...320 - 350 sliders and I did all the grilling! The competition got pretty intense the last 4-5 years as we had all kinds of prizes.
Okay, if you own a house my guess is that you are spending the vast majority of your money on:
i was responding to the claim that money is spent outside if their home state. the expenses you stated would all be in the home state
Analyze your spend and tell me half of what you spend is online. And don’t count online things like groceries that are shop from home from a local grocery store.
I'm available. It would be cool to have you as a father in law.
Happy to introduce you to my daughter...the rest is on you. I think I have the venue locked down (sami's patio).
She can always use state of the art surveillance equipment.....will it come with a DHS subscription?
