Why Baby Boomers are Leaving Rhode Island

Why Baby Boomers are Leaving Rhode Island

By Emilio DiSpirito, Realtor & National Real Estate Radio Show Host

www.emiliodispirito.com

One of the greatest generations of all times! The Baby Boomers!! Baby Boomers make up the second largest population out of all Americans (8 million less than the Millennials) with a whopping 75+ million members! That's right, as of 2016 Boomers are between the ages of 47 & 65 and control over 70% of the wealth in the United States!

Very shortly, the first wave of baby boomers will be ready to take advantage of full retirement and collect social security.

Last year 29 of my seller clients made up a part of this generation and 21 had relocated elsewhere because of the following reasons:

• Rhode Island is 1 of only 13 states that tax Social Security income when retiring 
• According to Insure.com RI ranks #8 for the highest auto insurance premiums
• WalletHub.com states RI ranks #51 as highest auto tax in country
• WalletHub.com also ranks RI as #41 from 1 being lowest and 51 being highest in the USA for real estate taxes
• Property taxes in Rhode Island overtime have showed some of the strongest continued growth throughout country 
• Visit this link for a list of all municipal tax rates Tax Rates by City & Town in Rhode Island
• Cost of living according to mymove.com in Rhode Island is 10.4% higher than average when compared to the rest of the country

What I have to ask the lawmakers is this: Why? Why have you not found a solution to keep the wealthiest age group in America in Rhode Island? 

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If you enjoyed this blog, please tune into my show every Sunday at 10 am anywhere in the country on iHeartradio app "whjj" or locally in RI & MA on Newsradio 920! Visit www.TheRoundTableRadio.com for exclusive videos, podcasts (past show digital recordings), content and contact information for some of the states top real estate professionals.