People tend to work and live in the place in which they were born and raised, or the city in which they went to university, but this is always the best thing when it comes to our finances. Very often, it can sometimes make a lot more sense to move somewhere new. Not only will it give you a chance to get to know your country better, but it can also do wonders for your financial health. Why? Because not all places are created equal. Some attract more people, and thus have a higher cost of living, while others are quieter yet have a whole host of other benefits, including being cheaper places to live. If you’re looking to start again as a way to solidify your finances, then you might just be well served by looking across state lines.
Better Job Opportunities
The nation as a whole might have a robust economy, but this isn’t evenly distributed across the country. Some places are boomtowns, that has a lot of chances available, while others might be falling behind the rest of the nation. These things tend to come in cycles; where you live might once have been the land of opportunity, but many factors can change this quite quickly. If you’re looking for better-paying jobs, look at the cities and towns across the country that have plenty available.
Healthier Real Estate Market
If you live in, say, New York and want to buy property, then good luck. You’ll need a hefty amount of cash just to get on the property ladder, and there’s no guarantee that this will be a wise investment (large cities are more prone to be in a ‘property bubble’). Other, less densely populated areas have real estate for sale that is more affordable, with less competition for the keys to boot. If you don’t like the idea of investing in the place you currently call home, then it might be time to look further afield and see if there is anywhere with properties available that are better suited to your needs.
Lower Cost of Living
Like real estate, you’ll quite easily find towns and cities across America that have a much cheaper cost of living than other places. While this shouldn’t be a determining factor when it comes to where you move (job opportunities are more important), if you find housing and employment, then a place with lower cost of living and cheaper taxes could save thousands of dollars each year.
Of course, relocating isn’t cheap. If you’re thinking of moving, then you’ll need to factor in the costs of moving your belongings and getting yourself set up in a new city. Once these factors have been taken care of, however, you’ll begin to see the benefits of your move.
In all, it’s important to remember that you might be living in a place that hurts more than benefits your financial health. Look around, see what else is out there, and it might just be the best financial decision you’ve made.