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Old 12-31-2023, 08:07 AM
  #141  
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Originally Posted by tallpilot
The I-95 corridor, Chicago and California take the cake for high cost of living partly due to housing prices and partly due to tax burden.

I hear the property tax vs income tax argument often especially with regard to TX vs other southern states.
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Websites that compare cost of living between states usually use average or median incomes. For a family making $75k in gross household income $3,750 in income tax plus $1,500 in property taxes in Alabama is a lower overall burden compared to no income tax Texas. For a pilot making $550k paying $27,500 in state income tax the $7,000 (make it $12,000 in a McMansion) property tax is still far less.

Live anywhere you wish and pay for it but at pilot income levels it's absurd to suggest that even 50% reductions in property taxes make up for state income tax. They do not and the reduced SALT deduction further reduces the offset from lower federal taxes.
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I'm outside of city limits in Texas on an acre and paying half what friends do that live a couple miles away and live on a zero lot line property.
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Old 12-31-2023, 02:29 PM
  #142  
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Originally Posted by tallpilot
The I-95 corridor, Chicago and California take the cake for high cost of living partly due to housing prices and partly due to tax burden.

I hear the property tax vs income tax argument often especially with regard to TX vs other southern states.
​​​​​​
Websites that compare cost of living between states usually use average or median incomes. For a family making $75k in gross household income $3,750 in income tax plus $1,500 in property taxes in Alabama is a lower overall burden compared to no income tax Texas. For a pilot making $550k paying $27,500 in state income tax the $7,000 (make it $12,000 in a McMansion) property tax is still far less.

Live anywhere you wish and pay for it but at pilot income levels it's absurd to suggest that even 50% reductions in property taxes make up for state income tax. They do not and the reduced SALT deduction further reduces the offset from lower federal taxes.
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^ This. Also, the state averages don’t really paint the picture of what it costs to live where people actually WANT to be.

I live in South FL. $215k gets you a 1BR apartment. Maybe. I have one that I rent out for $2k a month which is below market just because he’s been a good tenant for many years. You wanna live in a metro area down here be prepared to spend $600k+ for a single family house on postage stamp land unless you wanna live in the swamp. Property tax is low and no SALT, but the price for entry has gone bonkers.

Edit: Oh yeah, and I live by the beach. Ask me what I pay for homeowner’s insurance.
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