Author Topic: Moving cities to lower cost of living  (Read 867 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.