By Andrea Riquier | MarketWatch
Younger people are flocking to cities in the Northeast – but it’s not enough to offset retirees and those in search of lower taxes.
Americans paid nearly $300 billion in property taxes in 2016 – but as with everything in real estate, it’s all about location. Yet property taxes don’t just tell a story about local and regional housing markets – they also show how the country is changing.
Americans are fleeing areas with higher property taxes, making housing markets and local finances more stagnant in those areas. And even an influx of younger people into the urban areas that anchor those areas, like the Northeast and Midwest, isn’t enough to offset the exodus to low-tax areas like the Southeast and West.