With remote work more popular than ever, there is a growing trend in housing; people are relocating to more affordable cities.
Over the past 24 months, we have seen a lot of people sell their current home and move to another town where housing and overall cost of living is less expensive, including our own clients.
Is this a good idea? Is this something you should consider?
Here is a list of three considerations before making this move:
It goes without saying that finances need to be part of this decision. Most are making this decision because of financial benefits. But what specific areas of your finances will be impacted?
Yes, moving to a town or city that is less populated will allow you to purchase a home at a lower price. This could have an immediate impact on your largest monthly outgoing expense–your mortgage. But what about food, energy, and travel? Those necessary living expenses are different in each town. Be sure to evaluate the cost for utilities, groceries, and travel. Although you can almost guarantee a savings in housing expenses, you may end up paying more in other areas. This cost of living calculator can help.
Some of our clients are making this move to do more than save on monthly expenses. They are moving because their family situation calls for it. When the cost of living is lower in a city, it allows you to have more square footage and land for the money. Many have a strong desire for more space. They want their kids to be able to play outside or they want space more inside to live comfortably. Others are combining households with parents or building a casita in the backyard for aging parents. We have seen these options and more.
What about your family situation? Would your family benefit or be burdened with a move to a less dense city?
Towns with lower populations have less options for schools, shopping, eating out, entertainment, and more. But in most situations, smaller towns also have less crime, less traffic, and an overall slower paced lifestyle. Do these factors align with what your family wants?
Some people love being able to go into town to watch a sporting event. Others appreciate access to a large list of restaurants. Sure, you will be able to drive to all of these, but how do you feel about a commute? Consider what your lifestyle would look like and what travel would be should you choose to live outside a city.
Moving to a less expensive area is becoming very popular. Most people have the ability to work from home more often, and more land and square footage are attractive. Sure, it can be a savings financially, but it will have an impact in other areas. We recommend evaluating these areas of life before pulling the trigger.
Are you interested in getting a free customized list of homes for sale in a particular town? We would be happy to provide this for you! And as always, if you end up purchasing a home using as the Real Estate Agent we will give you thousands to use at closing.