Author Topic: Moving cities to lower cost of living  (Read 1517 times)

CaptJacks

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Moving cities to lower cost of living
« on: March 08, 2018, 07:58:43 AM »
Hey Mustachians.  So I am thinking of doing something crazy to get my finances in line and jump-start my FI (too late for the RE part LOL).  The wife and I have been talking about it and rather than fighting to keep up with the skyrocketing cost of living here in Austin maybe we should move to a city with a lower cost of living where we can actually save 30-40% of our income out the gate and grow it from there.  We've moved a couple of times (both ex military), so we have a system/checklist we use and, this time rather than looking for places that fit our personality we decided to look at cities based on low cost of living and low housing price.  It's revealed some interesting places that wouldn't have ever been on the radar.  So I guess I am wondering.  Has anyone done this before?  Is it wise to take on the financial cost of a move for a long term reduction in cost of living?  Or is it better to be in a hot popular city and fight for your piece of the pie?

Another piece of the puzzle is the leading candidate so far is Cincinnati.  I am a bit leery of moving to the Midwest only because it seems like everyone is fleeing there.  I am concerned the region as a whole is dying.  That said there are bright spots, opportunities, and there is some appeal in not following the crowd. So is it possible to get further in regions that people think are dying while everyone else is scrambling over the next big thing?

 

CidreCreek

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Re: Moving cities to lower cost of living
« Reply #1 on: March 26, 2018, 06:06:48 PM »
Consider Detroit! I'm from Detroit originally and it's so exciting to see the growth there. Depending on where you are coming from, cost of housing could be significantly cheaper. It's a seriously underrated city with amazing restaurants and some very good suburbs to raise a family. I would move back if I could stomach the winters again...

HoustonSker

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Re: Moving cities to lower cost of living
« Reply #2 on: March 26, 2018, 08:30:24 PM »
Why not Waco?  You would still be in central Texas inside of DFW, Houston, and SA in a lower COL.  Plus, you still get plenty of amenities with Baylor in town in terms of sports and presumably entertainment.  I suggest this because a friend of mine rencently moved to Waco from Austin for the exact reasons you listed.  He still works for the same small tech company and can breathe.  Best of luck!

clarkfan1979

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Re: Moving cities to lower cost of living
« Reply #3 on: March 28, 2018, 09:27:45 PM »
In my experience, people who move to a lower cost of living become shocked by the very low salaries. I would make sure you have a job offer or have a really good idea of what you would make before moving.

If someone if FIRE, local salaries do not really matter.


lumusislight

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Re: Moving cities to lower cost of living
« Reply #4 on: October 05, 2018, 02:12:31 AM »
Hello

What about Oregon? It has raised the medium salary point to 16% during the last two years . In 2016 it was reported to have $85 lower salary income in comparison with the overall states medium income. But now, it's a good solution and place to live. Of course, I'm not saying about the state positions.

Lumusislight
« Last Edit: October 05, 2018, 02:16:53 AM by lumusislight »

FamilyGuy

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Re: Moving cities to lower cost of living
« Reply #5 on: October 05, 2018, 03:45:13 AM »
Apex NC is a good choice you could consider.
There are lot of employers around. Housing market is blooming. And that was rated one of the best cities to live by one of the leading magazines few years ago. I think it is the Fortune magazine.

Milizard

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Re: Moving cities to lower cost of living
« Reply #6 on: October 05, 2018, 08:20:52 AM »
Hey Mustachians.  So I am thinking of doing something crazy to get my finances in line and jump-start my FI (too late for the RE part LOL).  The wife and I have been talking about it and rather than fighting to keep up with the skyrocketing cost of living here in Austin maybe we should move to a city with a lower cost of living where we can actually save 30-40% of our income out the gate and grow it from there.  We've moved a couple of times (both ex military), so we have a system/checklist we use and, this time rather than looking for places that fit our personality we decided to look at cities based on low cost of living and low housing price.  It's revealed some interesting places that wouldn't have ever been on the radar.  So I guess I am wondering.  Has anyone done this before?  Is it wise to take on the financial cost of a move for a long term reduction in cost of living?  Or is it better to be in a hot popular city and fight for your piece of the pie?

Another piece of the puzzle is the leading candidate so far is Cincinnati.  I am a bit leery of moving to the Midwest only because it seems like everyone is fleeing there.  I am concerned the region as a whole is dying.  That said there are bright spots, opportunities, and there is some appeal in not following the crowd. So is it possible to get further in regions that people think are dying while everyone else is scrambling over the next big thing?

My BIL lives in Cincinnati with his young family.  We visit about every year, sometimes twice a year.  Trust me, it doesn't seem to be dying at all!  It seems like a great, bustling city with lots of job opportunities. Even without a college degree, my BIL has done great, now working as a manufacturing engineer.  We've considered moving there, but are still quite attached to our current city.  Cincinnati is quite hilly, and seems to shut down with any significant snowfall (which is very much less often than we get here in Michigan).  It's also quite a bit more "southern" than here.  My BIL was born and raised here, and somehow picked up a very strong accent from living there the last ~15 years!  I'd mention the heat and humidity in the summer, but it's probably much less than you're used to.

ixtap

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Re: Moving cities to lower cost of living
« Reply #7 on: October 05, 2018, 10:34:57 AM »
The median house price in San Marcos TX is very similar to Cincinatti, and you still have the whole no income tax thing going on.

If you are open to moving anywhere, the possibilities are endless, but your really should look for something that fits your personality. What is it that you love about Austin? We really miss the music, but also loved walking around Town Lake/ Lady Bird (depending on how long you have lived there) and other hikes, lake sailing. We had an awesome social network in Austin that we have not been able to rebuild and in fact do not know people who have that kind of network because social interactions are very different in different parts of the country.

Perhaps you like the food in Austin: Did you know that Toledo OH has the most restaurants per capita? Thousands and thousands of hole in the wall ethnic restaurants to die for. Just ask Klinger about Tony Packo's! It also has an amazing, award winning art museum and a symphony orchestra. With just enough of a stigma that it is not likely to ever become the next Austin or Ann Arbor, but within a reasonable drive of Ann Arbor, if you like that kind of thing. Just be sure to slam on your brakes like everyone else crossing from MI to OH.

As others have noted, incomes tend to be inline with COL. Even if you are running your own consulting business, will there be additional travel costs by living in a different part of the country or a less well connected airport? Not that Austin has great connections, but maybe it has the ones you need. My in laws up and left a major hub city and now it costs us half again as much to go visit them.