Discover the Financial Benefits of Moving to Florida Suburbs
Cost of Living Decreased
Living in the Northeast is often associated with high costs. This year alone, the average cost of living saw a 3.5% rise, mainly due to escalating housing, food, and energy expenses. However, our move from southern New Jersey to a Florida suburb was a game-changer. We were able to purchase a home that was 1,000 square feet larger than our previous one in New Jersey, all while maintaining a similar mortgage payment. Moreover, our food costs took a nosedive, and commuting expenses became a thing of the past as we both transitioned to remote work. This significant reduction in living costs has given us more financial breathing room.
For instance, imagine the savings we achieved by leaving the expensive city life behind. We no longer had to bear the brunt of high living expenses, which allowed us to allocate more funds towards other important aspects of our lives.
Tax Burden Lightened
One of the most appealing aspects of living in Florida is the absence of state income taxes. In contrast, southern New Jersey has a state income tax as high as 10.75% and one of the highest property-tax rates in the country, exceeding 2%. Florida, on the other hand, falls in the middle with a tax rate of around 0.8%. This shift from a state with a substantial tax burden to a more moderate one was like getting a raise. It freed up a significant amount of cash in our budget, enabling us to invest and save more.
We realized that not having to pay income taxes made a huge difference in our financial situation. It was a pleasant surprise that added to our overall financial well-being.
Income Saw a Boost
When we moved to Florida, my husband received a new title and a well-deserved raise. Meanwhile, I was at a stage in my freelance career where I could increase my rates. Earning a higher income without the burden of income taxes was like getting a raise twice over. This was one of the best financial decisions we made during our move.
The combination of a higher income and no income taxes gave us the financial flexibility to pursue our goals and dreams.
Embracing Public School
The public schools in our Florida suburb are highly ranked, which was a major factor in our decision to move. Compared to the high school our kids would have attended in New Jersey, the quality of education here is exceptional. College readiness, standardized test scores, and graduation rates all speak volumes about the educational excellence. So far, our experience at the public school has been outstanding, and it's a win for our family.
Had we stayed in New Jersey, we would have had to consider private schools, which cost an average of ,000 to ,000 per year. In Florida, the average cost of private school ranges from ,000 to over ,000 per year. Sending our kids to public school in Florida is a no-brainer in terms of cost and quality.
Worry Less About Money
Moving from an expensive city to the suburbs had a profound impact on our financial stress. We were able to pay off debt, including a significant portion of our student loans. With lower tax burdens, great public schools, and a lower cost of living, we had more cash at our disposal. This allowed us to start contributing regularly to our retirement and investment portfolios.
As a mom with an unpredictable freelance income, the peace of mind that comes with not constantly worrying about money is invaluable. We can now focus on raising our children and enjoying life without the constant financial burden.
Looking Ahead
We moved to the Florida suburbs over six years ago when it was still relatively affordable. However, the cost of living in our home state has been steadily increasing. Additionally, our homeowner's insurance has gone up dramatically due to the state's susceptibility to hurricanes and natural disasters. Car insurance has also seen an increase, as Florida has one of the highest rates of uninsured drivers in the country.
While there are drawbacks to moving from a major metropolitan city to the suburbs, such as the lack of diversity in cultural experiences, we believe the financial benefits outweigh the cons for now. We will continue to monitor our financial situation and make adjustments as needed.
