Masty1985 t1_jedtafz wrote on March 31, 2023 at 8:20 AM

Reply to comment by a-sillylittlegoose in Relocating to CT from CA by a-sillylittlegoose

Ever consider NC? You think it's cheap here(it's one of the top 10 most expensive states) look up NC. You'll be floored.

mkt853 t1_jeenpua wrote on March 31, 2023 at 1:47 PM

Median income in NC is also $30k, so if you don't mind a 25% pay cut I'm sure it's awesome.

Masty1985 t1_jeep63l wrote on March 31, 2023 at 1:57 PM

So the tax rates are identical to here? Every single one of them? And average home sale? types of jobs are the same? Everything is the same as here but you make less money? You do realize the median incomes up here are skewed because of the millionaires/billionaires near NYC and the coast?

mkt853 t1_jeerr2f wrote on March 31, 2023 at 2:15 PM

NC has a similar income tax as we do. If you make $100k in NC you'll pay $4,750 in state income tax. In CT you'd pay $4,780. In NC you will likely pay higher sales tax up to 7% depending on where you shop. NC also has an annual car property tax like we do. NC also has a driving tax a.k.a. tolls while CT has none (for now). You'll likely save big on property tax on your home, though give some of those savings back in insurance costs. On a net basis you're probably coming out ahead in terms of overall effective tax rate, but on paper it doesn't seem worth taking a haircut on income just to save a little on the tax side. I'd much rather start with the biggest pile of money I can get my hands on, and then figure out how to reduce the tax liability as much as possible. Also we use median incomes to avoid having it skewed by millionaires/billionaires. It's not an average, it's the median.

Masty1985 t1_jeeuicu wrote on March 31, 2023 at 2:34 PM

Good point. NC has been pretty much taken over by people from the northeast so it's going this direction, high taxes. Now compare with Tennessee and New Mexico.