In years past, the majority of new Floridians moving here from other states were from New York. However, due to the average age of New Yorkers changing from the typical snowbird to around age 30, New Yorkers are less likely to move to Florida. Instead, Florida has seen an influx of new residents coming from New Jersey, New York, and Connecticut.
This change, though affected by the age of the average New Yorker, is more so a result of changes made to tax law — the new federal tax law that affected high-tax northeastern states. This law put a cap on the amount of mortgage debt that could be written off: a $10,000 cap on state and local tax deductions and a $750,000 limit on debt write-offs. Also to note, New Jersey, New York, and Connecticut have some of the highest state and local property tax collection per capita. With all of this in mind, Florida may continue to see an influx of retirees moving to the state.
To learn more about how this affects your property sale, speak to your Boynton Beach realtor at Woolf Realty. We would love to help you understand the current market and how you can successfully buy and sell in Boynton Beach, Lantana, and the surrounding areas. Visit our website to contact us!