Working & Middle Class whites are leaving, being replaced by immigrants.
intercst
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My programming nephew is in Brooklyn. He makes a good living but never sees himself buying in NYC. He’s in NYC because many of the guys from his class are there. His friends. He’s a hard worker, but he’s not as hardworking as one of his friends working for a hedge fund. He has no interest in that. The money difference is huge.
Similar math in Connecticut. Maybe a bit lower. But the billionaires are not moving out. Every tax discussion starts with let’s not run the rich out of Connecticut.
Separately, I knew a waitress years ago with a few kids and a new husband who moved to Georgia. She went from a tiny rental to a large house for less money. The schools were better in GA. It was a no-brainer.
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In Fairfield County (near NYC) or along the shoreline. Housing in the rest of Connecticut is pretty cheap.
intercst
I would not call it cheap.
Also the cost of living in central CT is similar now to NYC or Boston, equivalent.
Hartford County median home price $419,000, City of Hartford = $250,000
Boston $900,000
NYC $905,000
intercst
Yes but housing was historically even further behind that. The cost of going out for a meal is now on a par with NYC or Boston. Gasoline and other daily goods.
Here in the UK billionaires are leaving thanks to ever increasing taxes:
Fear is growing that Labour will introduce more taxes on wealth to pay for Prime Minister Andy Burnham’s costly promises to build more council houses, overhaul social care and boost defence spending. And balancing the books is getting even harder since the cost of government borrowing rose to a 28-year high following a bond market sell-off.
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