""I suddenly realized I could afford to retire years earlier than I expected. For that, I'm extremely grateful to Miami.""
""Moving to Florida wiped that out entirely. But that benefit has a shelf life. Once Scovel retired and stopped drawing a salary, the income tax advantage no longer mattered.""
""Groceries were modestly cheaper, but transportation was actually pricier in Miami, since he needed a car (or costly rideshares) rather than the subway in New York.""
""Florida only charges .8% in property taxes, but many purchases he made online, like clothing and household goods, didn't change in price at all.""
Scott Scovel moved from New York City to Miami after selling his condo for $1.65 million. He aimed to benefit from Florida's lack of income tax and lower living costs. Although he saved around $40,000 annually while working, the significant advantage was the housing budget stretch. He purchased a two-bedroom condo for $727,500, allowing him to retire earlier than expected. While Florida has no personal income tax, everyday costs were similar, with transportation being pricier. Property taxes in Florida are lower, but other costs remained comparable.
Read at Moneywise
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