People are moving into the Least tax states or No income tax states

As the pandemic winds down, and the social and demographic changes become more obvious, people are moving from big cities to rural communities. Of course, money is the main reason to move out. People are spending less as inflation continues to wipe out value, and the economic climate continues to be unstable.

A side effect of this is that many Americans are abandoning some of the higher-tax states for lower or no-tax states.

In healthy financial life, there are many rules to apply to different lifestyles, although, the 50-30-20 rule is the most popular; 50% of monthly income for essential needs, 30% of monthly income for non-essential needs, and 20% are for paying credit cards/saving.

From this perspective, consumers should spend 50% of their incomes on housing, cars, and taxes within the budget. if the tax is high, then their essential needs would be higher, and taxpayers become unhappier, not because of more work to make it up but because they’d also have no time to enjoy their lives as well.

For example, States with no income tax are Washington State, Wyoming, South Dakota, Nevada, Texas, Alaska, Tennessee, and Florida. For retirees, States with no sales tax are Delaware, New Hampshire, and Oregon. Property tax-wise, the least tax state is Louisiana that $532 per $100,000.

In the first quarter of the year 2023, the mortgage rate is 6.61% in 30-year fixed, according to mortgage news daily.com. However, some areas of the U.S. are still in a seller market, and it is usually these states with lower taxes.

The demographic map of America is changing, and the political atmosphere will likely impact this change in some time.