A new study puts Long Island in the top five parts of the country that residents are fleeing this year. Our high taxes are clearly a major driver of this trend.
According to storage and moving company PODS’ fourth annual Moving Trends Report the most movers are leaving these areas.
- Los Angeles
- San Francisco
- Miami
- Long Island
- Austin
Why Are They Leaving?
The PODS report points to these common reasons that US households are moving this year:
- High housing costs
- High taxes
- High living costs
- Overcrowding
Of course, the popular spots to flee to over the past couple of years from Manhattan and San Fran are already making the list of where people are leaving now.
Too many people moved to small concentrations of the country, and just brought the same problems with them.
It’s a little late to join in the musical cities and states game, chasing the next affordable, low crime, and low tax destination. So, how do you stay in the place you once loved, and still ensure you are financially comfortable, and have a strong financial future?
How To Make Your Home On Long Island More Affordable
If you are going to stay in the same home, consider:
- Challenging and getting your annual property taxes reduced
- Renegotiating your insurance policies and premiums
- Serving major appliances in advance for longevity and energy efficiency
A mortgage refinance may no longer be viable due to changes in rates and house values, but there are many ways to bring down your current housing related costs. As well as to prevent big surprise repair bills that could jeopardize your ability to hold onto your property. Don’t procrastinate on these things.
Just as, if you foresee the need or wisdom in downsizing your housing in the next few years, now may be the best time to make that happen.