Why Kevin O’Leary Left Boston for Florida — Which Would Be Cheaper for You?

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Kevin O’Leary talks with his hands outstretched

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Hereswhat he had to sayabout his reasons for moving and how they can affect you.

Also see OLearys advice on when to buy a house.

OLeary said he moved to Florida from Massachusetts which he called Taxachussets because of the states high taxes.

Every dollar over $1 million would be taxed at 9% instead of 5%.

Of course, with his reported net worth, OLeary can afford to live comfortably anywhere he wants.

Buying a home or renting in Boston has become increasingly challenging for many residents.

The city is known for its high cost of living, and the housing market is no exception.

In cities such as Boston, where housing prices are skyrocketing, sticking to this rule can be challenging.

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After state and federal taxes, this comes out to a monthly take-home paycheck of around $5,540.

After taxes, that comes out to $45,960, or $3,830 per month.

This means a Miami resident should not spend more than $1,276 per month on their rent or mortgage.

However, according to Zillow, the median rent in Miami is $3,200.

This means a Miami resident needs to spend 150.8% more than recommended on rent.

According to OLearys metric, the average Miami resident is worse off than they would be in Boston.

However, the economics might not always be that simple in the long run.

According to experts, higher rates can lead to a fall in the value of homes over time.

Interest rates are one of theonly direct toolsgovernments have to lower inflation.

This cooling effect helps bring inflation back to a more manageable level.