A lot of people have been very mobile in the past two years because of the effects of the pandemic. People have moved increasingly away from urban areas, as they’ve looked for a different lifestyle. For example, the pandemic led to more opportunities for remote work, so people were no longer tied to major urban areas for their jobs.
Your money might go further in a suburban or rural area compared to a major city. You can get more house and outdoor space in many cases.
You might consider moving perhaps to take on a new job altogether, or because you realized you’d like to change your lifestyle or have more work-life balance.
If you haven’t yet moved but you’re thinking about it, it’s a big decision. Whether it’s bigger or smaller than your current one, moving to a new city is going to be a considerable change.
Sometimes, the location of where you’re moving can be significantly more important than even the house you choose.
The following are things to weigh and consider before moving to a new city, which will help guide your research if it’s something you’re thinking about.
Affordability
With the cost of living soaring not only around the country but also the world and inflation at record-breaking highs, affordability may be your number one priority right now. In fact, your entire reason for wanting to relocate could be to get more affordability.
It would help if you considered how much it might be to buy or rent a home in the new location, but beyond that, there are other factors to weigh as far as affordability.
For example, how much are utilities on average? What are the taxes like? What about things like groceries?
You’ll want to compare what your expected earnings might be versus the cost of living to ensure you’re being realistic as you consider a move.
If you’re employed in a big city currently, and you have the option to move because you work remotely, you may find that you’re actually able to stretch your dollar a lot more if you choose an affordable location.
For example, if you were to move from New York City to Charlotte or Atlanta, you might find that you can begin to save money comfortably instead of living paycheck to paycheck.
As you’re researching the cost of living, you want to make sure that you’re calculating everything in total that would be part of your budget.
For example, while an area might be cheaper, you might have new expenses that pop up. If you’re moving from a city where you walk or use public transportation to somewhere you’ll have to drive, there’s the cost of buying a vehicle, maintenance for the car, and also gas.
Employment opportunities
If you’re already employed but working remotely from a new location, you need to confirm with your employer that this is an option. Some employers are lowering salaries based on the cost of living where employees are located.
If you want to change jobs or you don’t have employment yet, your salary will change with location. You need to make sure there’s a need for the job you want to do where you’re planning to move if you can’t do it remotely.
Schools
If you have kids, you’ll want to think about schools. Within one city, the quality of the schools can vary pretty significantly. You’ll probably want to start following school social media pages and local parent groups to see if you can get any insight into where you might like your children to go.
You can find rankings based on test scores, but these don’t give you a complete picture.
Commute time
If you’re going to potentially have a commute, what will that look like, and how will it affect your quality of life?
For example, maybe you’re moving out of a city and to the suburbs. You might get the benefits of a bigger house and a lower cost of living, but your commute could be long, meaning less time spent with your family or doing things you enjoy.
Are you ready to make this trade-off?
Nightlife and activities
Depending on your interests, you may want a quiet, family-friendly community. On the other hand, if you’re a young single person, for example, you might be interested in living somewhere that has a lively social scene.
Desirable neighbourhoods
The neighbourhood is perhaps more important location-wise than even the city you choose to move to.
Neighborhoods can be very different and appeal to other priorities and interests.
You’ll have to do pretty in-depth research on the neighbourhoods in the city to figure out where you’re most interested in living. Even once you have a shortlist, it’s a good idea to work with a local realtor who knows the ins and outs of the area.
How long will you stay?
If you’re thinking about moving, but you’re not sure whether it’ll be for the long-term, it can be better to rent. If you buy a home and quickly turn around and sell it, it’s not always a sound financial decision. You’ll need to consider whether you’re going to stay put somewhere or you aren’t sure.
Finally, there are so many personal elements that come with deciding whether you’ll stay put or you’ll leave for another city.
You’ll have to weigh these personal factors, such as what you’re losing if you leave versus what you might gain.
You might be losing your friends and social circle, but gaining the opportunity to own a home that you wouldn’t have otherwise.
You have to weigh what matters most to you because it’s a different answer for everyone.
Sometimes, when we plan to move to a new city, it’s because we’re frustrated with something in our current lives or jobs, but there may be other options aside from relocating. In other situations, your life may have changed, and you may have outgrown where you currently live in any number of ways, and it’s time for a change.
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