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New Yorkers Packing Up: Is the Empire State Losing Its Luster?
New York, NY – While the bright lights and bustling streets of New York remain a dream for many, recent data suggests a growing number of residents are saying “so long” to the Empire State. A report from the National Taxpayers’ Union Foundation (NTUF), utilizing IRS data, highlights a significant outflow of New Yorkers, with a new departure recorded every 2 minutes and 23 seconds.
The NTUF’s analysis indicates a common thread among the top five states experiencing the highest rates of residents leaving: a substantial tax burden on both individuals and businesses. Andrew Wilford, Director of NTUF’s Interstate Commerce Initiative and author of the report, commented, “Taxpayers want to live in states that do not treat them as endless sources of funding for politicians’ pet projects. While many politicians and pundits claim that tax-and-spend policies are what Americans want, the reality is that, year after year, there is steady movement from high-tax states to more fiscally responsible ones.”
New York currently holds the unfortunate distinction of having the highest income tax rate in the nation and the second-highest overall tax burden, with residents reportedly seeing approximately 13.56% of their income claimed by taxes annually. While New York’s outflow is notable, California experiences an even higher rate of residents leaving, with one person moving away every 1 minute and 44 seconds.
So, where are these departing New Yorkers headed? The data points to a clear trend of migration towards states with more favorable financial climates. The states with the most significant net migration gains include:
- Florida: Gaining a new resident every 2 minutes and 9 seconds.
- Texas: Gaining a new resident every 2 minutes and 53 seconds.
- North Carolina: Gaining a new resident every 6 minutes and 21 seconds.
- South Carolina: Gaining a new resident every 7 minutes and 30 seconds.
- Tennessee: Gaining a new resident every 8 minutes and 42 seconds.
The reasons behind this exodus appear to be multifaceted, but affordability stands out as a primary concern. According to New York Focus, a non-profit news organization, working-class New Yorkers are leaving at a higher rate than their wealthier counterparts. The Fiscal Policy Institute further emphasizes the role of affordability, citing the high cost of housing and raising a family as significant driving factors.
Notably, approximately 90 percent of this population loss is attributed to New York City. Demographics most likely to leave include Black and Hispanic residents, households with young children, and low- to middle-income families. As the cost of living continues to rise, it seems many New Yorkers are seeking greener, and perhaps more affordable, pastures elsewhere.