High property taxes in major metropolitan areas such as New York City, Philadelphia, and Chicago are encouraging retirees to relocate to regions where homeownership feels more financially feasible. An analysis by John Burns Real Estate Consulting highlights this trend, showing through a map that areas with property tax rates exceeding 2% of a home's value are driving out migration. Meanwhile, regions with significantly lower tax rates, under 0.5%, are becoming more attractive for retirees seeking affordability and financial stability as they age.
"Property taxes are a huge expense, especially for retirees," commented John Burns, the founder and CEO of the consulting firm. "We see a lot of retirement outmigration from the states in dark red in this map."
The dark red areas on the map show cities and counties with property taxes that amount to over 2% of a home's value. Areas colored light beige on the map display sectors where property taxes account for less than 0.5% of the value, according to John Burns data scientist Ian Kennedy.
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