Home » World News » New York’s taxes are driving out thousands, but Millennials keep moving in
New York’s taxes are driving out thousands, but Millennials keep moving in
Who’s causing the real-estate boom in southwest Florida
Licensed real estate agent Jill McDowell says nearly half of the buyers in Florida right now are Millennials.
More Americans are fleeing New York than any other state in the union, many as a result of high taxes due to the Tax Cuts and Jobs Act capping state and local tax deductions. Despite that, Millennials continue to move into the metropolitan area.
Continue Reading Below
Forty-eight percent of home-buyers nationwide are Millennials, Elliman New York real estate agent Jill McDowell told FOX Business’ Stuart Varney on Tuesday, and this trend holds true of her clients in America’s largest city.
“They come in; they are preapproved," McDowell explained during "Varney & Co." "They’ve lived with mom and dad for the most part. They are able to save a lot of money for the down payment and they’re ready to go."
NEW YORK, NEW JERSEY, HAVE HIGHEST RESIDENT EXODUS IN 2019
In 2020, Millennials are expected to account for half of all home mortgages as 4.8 million of them reach peak home-buying age, according to Reator.com’s 2020 housing forecast. Gen X was the last generation to account for such a large portion of home mortgages back in 2013.