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Retirees Are Flocking to These 3 States - and Fleeing These 3 States in Droves

WinniWoman

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I might have mentioned this on another post but I know someone whose home (newly built actually) was for sale with a realtor for a year. As a last ditch effort, she put it on Craigslist and it sold in one day for cash. A man actually moving back to NY from Florida. (How often do you ever hear of that?! Florida to NY instead of visa versa. LOL!)
 

VacationForever

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We know of many retirees who moved to Nevada from their Florida where they had moved to when they first retired. The most common complaints about Florida were high home insurance and high humidity which worsen their arthritis and had to move to dryer climate.
 
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rapmarks

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I think the complaint about high property tax is phony, property taxes in Florida beat most states with the freeze and the fifty thousand exemption
 

VacationForever

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I think the complaint about high property tax is phony, property taxes in Florida beat most states with the freeze and the fifty thousand exemption
I mistyped... I meant high property insurance, something about hurricane risk pushed up their insurance. I will correct my post.
 

Luanne

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When we bought this house we used a realtor as a buyer and seller. Worse thing we ever did because of the conflict of interest. Our attorney told us never to do this again. We were young and naive. We ended up getting rid of her as a seller after the contract expired as she did nothing. We actually WANTED to lower the price. SHE was the one that priced it too high. We went along with everything she suggested. We then hired another realtor from another company to sell our home and it sold quickly after finally lowering the price.
I didn't mean we used our realtor in California as both buyer and seller (although she did end up doing both on our last sale for a variety of reasons. What I meant was she sold our house and helped us buy another. We ended up selling two homes using her, and buying two homes using her.
 

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Homeowners Insurance is really cheap if you exclude Wind. The Wind deductible is so high that even if you have it, your OOP is still very high for a hurricane loss.

& real property tax is low if you declare residency and homestead, already alluded to. Out-of-state owners of the hundreds of thousands of undeveloped junk lots pay more property tax than homesteaded homeowners. See Florida Save Our Homes Law.

& there is no personal property tax.

It's a personal choice.

What were we talking about?
 

amycurl

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I think you might find that neighbors, friends, and/or church family will come to your aid often before family. Especially when they are experiencing, or have experienced, aging and needs associated with it and if you too are there for them. If you involve yourself in activities that lead to enrichment of mind and body you will meet like-minded people who share your interests; you will make friendships and enjoy life to the point that loss of family involvement doesn't sting quite as much. As sad as I sometimes get over our daughter and granddaughter's lack of desire to spend time with us or help us out with my mother, I have come to realize that we can only control ourselves and life is what we make it.

My mother is retired and now splits her time between us here in NC and her primary residence in Maine. The only grandchild is here....it's the only reason she is down here at all, LOL--hates the heat and humidity, so skedaddles back to Maine by mid-April. This year, she postponed her trip back by one day, so that she could spend all day today taking and staying with a friend while she has spinal surgery. The friend has no local, close family, although a neice is coming up from about a hour away to spend the night with her (so my mom can get sleep and drive early tomorrow morning.) My mom met the friend through AAUW--it's been an important social group for her since she's been spending about the half the year here for about the past six years. My mom is single and is in excellent health, does most of the after-school care for my DD, usually cooks dinner for us twice a week while she is here, and often travels with us for timeshare vacations. However, she is also very conscious about wanting to make sure that my nuclear family (DH,DD) has privacy and time to ourselves even during the months when she is "Nana in Residence." So, the AAUW buddies have provided some valuable, independent-of-us social connections, which is SO IMPORTANT to any one as they age, and other networks (work networks, parents-of-my-kids'-friends, etc.) might dwindle.

Here's the thing--I would do anything for my mother. But I also am glad to know that she has friends both here and in Maine that will "have her back" when she might need something, and that she is also there for them, too. Asking for help is a gift that you give other people, and can really cement friendships if done in a genuine, reciprocal kind of way.
 

isisdave

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California's income tax rate is 13.3% at the highest bracket. If you don't make that much, you are still looking at about 8%. I did a back of a napkin calculation and with our move to a state without income tax, we save about $14K a year. Our quality of life is great where you can pretty much golf all year and have the best doctors that we ever had.

We see these numbers lots of places and they sound outrageous, but they're wrong becaus they're MARGINAL rates. 13.3% is the highest MARGINAL rate and applies to taxable income over $1.15 million (for couples). The 8% applies to taxable income over $88,000 (again for couples). But unlike other states, the rates progress fairly slowly until you hit $64,000.

If you have a middle-class mortgage on a middle-class house, total California tax on income that's about $100k before deductions, is about $3800. My BIL is determined to save money by retiring to Arizona, which has lower rates in the upper brackets. But my $100k example would have an Arizona state tax of just $900 less, which you'll pay in about six weeks for air conditioning in July. And the Pacific Ocean is 350 miles away.

Oregon's tax rates, for example, ramp up VERY quickly, and on that $100k you'd pay over $7000. True, there's no sales tax. I feel that sales tax is not so big a deal in retirement, unless you're buying a vehicle, because you've got most things you need already, and food is generally exempt.

There are state tax calculators online. If you're thinking about moving because of state income taxes, find a couple and plug in YOUR real numbers.
 

isisdave

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If the calculator here is correct, https://www.irscalculators.com/tax-calculator, the California income tax on the same example I gave above ($40,000 exempt social security, $60,000 pension/IRA/other income) is less than $1,250 for a married couple.

Right! Because it doesn't really start to ramp up until > $60k taxable. We have a standard deduction of $8800 this year, so your California couple will have a taxable income of less than $52k (40 + 20 - 8.8)

Here's the line from the tax table: Taxable income $40,510-$63,938 tax = $639.32 + 4.00% of amount over $40,510

Only bummer for middle-class investors is that capital gains are taxed at ordinary rates. And that you better have bought your home 20 years ago, or have it paid off.
 
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Conan

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t doesn't really start to ramp up until > $60k taxable. We have a standard deduction of $8800 this year, so your California couple will have a taxable income of less than $52k (40 + 20 - 8.8).
I was supporting my assertion that even in high tax states, higher income people pay no more than about 5% state income tax.
A retired couple in California incur 5% overall state income tax on adjusted gross income if/when their federal AGI is $150,000.
 
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Our last home sale was in 2010/11 during the height of the recession. Of course we’d already bought the new house. We had to insist our friend/realtor (with whom we’d had four previous successful transactions) lower the price as we chased the market down. He seemed more busy trying to get us to paint the house (beautiful three story pink, mint, ivory Victorian) than working on understanding the falling market. When the contract was over at six months, it was “sorry we have to bring fresh blood in”. He was really pissed off, well so were we as we paid two mortgage payments for 10 months. New guy came in after Christmas and it sold in the second month.
 

WinniWoman

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One of the reasons I selected the Realtor I did to sell my Son's house was because he put together a roughly 20 page book with information on my Son's house. It included what similar houses in the area had sold for, tax appraisals for all the surrounding houses and what was currently on the market in the area. You would be surprised how much information they can put together. Maybe that is why the guy you are talking to needs time...

George


I don't know about that. I mean- a few years ago we interviewed 3 realtors. All three did their homework BEFORE coming to our home with the comps. and everything. Then they toured the house and then they gave us a suggested price. And they were all from 3 different companies.

Even when we sold my parent's home in 2011- again we interviewed 3 realtors from 3 different companies and all 3 came prepared with the comps before they toured the house and were able to give us a price before they left.
 

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It used to be that folks from the upper right hand corner of US migrated to the right hand side of the lower right hand corner of US.

Then, at some point, they discovered the left hand side of the lower right hand corner. I did not notice when that happened, but I notice that it did.
 

Glynda

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Our last home sale was in 2010/11 during the height of the recession. Of course we’d already bought the new house. We had to insist our friend/realtor (with whom we’d had four previous successful transactions) lower the price as we chased the market down. He seemed more busy trying to get us to paint the house (beautiful three story pink, mint, ivory Victorian) than working on understanding the falling market. When the contract was over at six months, it was “sorry we have to bring fresh blood in”. He was really pissed off, well so were we as we paid two mortgage payments for 10 months. New guy came in after Christmas and it sold in the second month.

We had one problem using a personal friend for purchasing a home. It cost us and I should have known better. Actually I did know better but she insisted that the contract wording had changed since I was an active realtor in the state and I didn't push it far enough. The seller, she and her agency profited but I know she didn't do it intentionally. Though this wasn't an example, my overall experience as a former realtor was that one's friends and neighbors often don't want to use you as their realtor because they don't want you to know their personal finance information.

When a seller feels that a realtor is overpricing their home, they should insist on a written Comparative Market Analysis and should interview several realtors. Every realtor seeking a listing ought to provide a written CMA. If they don't, they are too lazy to handle your listing.
 

Glynda

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My mother is retired and now splits her time between us here in NC and her primary residence in Maine. The only grandchild is here....it's the only reason she is down here at all, LOL--hates the heat and humidity, so skedaddles back to Maine by mid-April. This year, she postponed her trip back by one day, so that she could spend all day today taking and staying with a friend while she has spinal surgery. The friend has no local, close family, although a neice is coming up from about a hour away to spend the night with her (so my mom can get sleep and drive early tomorrow morning.) My mom met the friend through AAUW--it's been an important social group for her since she's been spending about the half the year here for about the past six years. My mom is single and is in excellent health, does most of the after-school care for my DD, usually cooks dinner for us twice a week while she is here, and often travels with us for timeshare vacations. However, she is also very conscious about wanting to make sure that my nuclear family (DH,DD) has privacy and time to ourselves even during the months when she is "Nana in Residence." So, the AAUW buddies have provided some valuable, independent-of-us social connections, which is SO IMPORTANT to any one as they age, and other networks (work networks, parents-of-my-kids'-friends, etc.) might dwindle.

Here's the thing--I would do anything for my mother. But I also am glad to know that she has friends both here and in Maine that will "have her back" when she might need something, and that she is also there for them, too. Asking for help is a gift that you give other people, and can really cement friendships if done in a genuine, reciprocal kind of way.

That sounds like a great relationship and a balance of helping and allowing freedom. I have gained numerous friends and found a place to just breathe, learn and exercise at one of our city owned and managed Senior Centers. It allows me to get away for half a day twice a week from the stress of having my 97 year old mother living with us. Even though Mother has provided much help to us, having a parent living in one's home requires some time to oneself (as does having a retired husband :)).
 

amycurl

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I am sure, Glynda! Luckily, even when she's here, my mother doesn't live with us--she purchased a small condo about a half-mile from our house. Just enough distance away, LOL! :D
 

Glynda

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I don't know about that. I mean- a few years ago we interviewed 3 realtors. All three did their homework BEFORE coming to our home with the comps. and everything. Then they toured the house and then they gave us a suggested price. And they were all from 3 different companies.

Even when we sold my parent's home in 2011- again we interviewed 3 realtors from 3 different companies and all 3 came prepared with the comps before they toured the house and were able to give us a price before they left.

If he didn't have time to do his homework before your interview, then he's most likely not organized or motivated enough for you to hire him.

I'm confused though. Is the home you mention above where 3 realtors from different companies presented a Comparative Market Analysis the home you felt the suggested listing price was overpriced?
 

Sugarcubesea

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We know of many retirees who moved to Nevada from their Florida where they had moved to when they first retired. The most common complaints about Florida were high home insurance and high humidity which worsen their arthritis and had to move to dryer climate.

This is my quandary with FL, I love the water and it's literally my happy place. However I have intense arthritis and I know FL will be bad for me and I'm also looking at AZ and Nevada but the fact that I will not be on water and can not have my boat is just a killer for me...ugh...
 

WinniWoman

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If he didn't have time to do his homework before your interview, then he's most likely not organized or motivated enough for you to hire him.

I'm confused though. Is the home you mention above where 3 realtors from different companies presented a Comparative Market Analysis the home you felt the suggested listing price was overpriced?


No. That was our first home that the realtor overpriced.
 

VacationForever

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This is my quandary with FL, I love the water and it's literally my happy place. However I have intense arthritis and I know FL will be bad for me and I'm also looking at AZ and Nevada but the fact that I will not be on water and can not have my boat is just a killer for me...ugh...
You can have your boat and go to Lake Mead Recreation for boating stuff or at the lake at Lake Las Vegas itself.
 

WinniWoman

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One more:
https://wallethub.com/edu/t/states-with-the-highest-and-lowest-property-taxes/11585/

Again, this list is deceiving because some states like NY bill school taxes to porperty owners separately and those are usually the same or higher than property taxes. No way to know by looking at this list which states do that and which ones don't. I wish they would include the school taxes in the dollar amounts if they are billed separately in a state.
 
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