Is your state on the list of best places economically to settle down? Newlyweds who want to start a family are better off living in these states based on their tax-friendliness.
Data compiled by federal tax attorneys at Delia Law reveal the most and least tax-friendly states across the U.S. that are the best options for young couples and families.
Nevada and Tennessee take the top spots for tax friendliness, while New Jersey and Vermont rank the lowest. Florida came in at No. 4 for tax-friendliness.
The average household income for married families in Florida is 73,311, and with no income tax, the state’s tax burden percentage is 0.86%.
“Although the cost of living is higher than the top three states, Florida’s zero percent income tax and average household income of $73,311 still make it an appealing place to live,” says tax attorney Dawn Delia, whose firms conducted the study.
The research looked at data from all 50 states to identify the most tax-friendly locations for newlywed couples and families. The study evaluated factors such as income tax rates, property tax rates, the presence of marriage tax penalties, cost of living, average household income for married families, and overall tax burden.
Delia says young couples should research the taxes in different states before deciding where to settle down to help them make the most of their income as they try to buy a home or make other big investments
Delia said younger couples getting married these days are looking at saving for a home and planning for their children’s futures, and they are weighing which state offers better incentives with their tax policies.
“Planning for taxes early can make a huge difference in reducing stress and ensuring a more financially stable future. Newlyweds and new parents have enough on their plates without worrying about surprise tax burdens,” Delia said.
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