Author Topic: Has anyone young (under 45) FIREd from HCOL to LCOL?  (Read 4668 times)

retireatbirth

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Has anyone young (under 45) FIREd from HCOL to LCOL?
« on: April 05, 2015, 07:15:37 PM »
I'm planning to retire around 40 and one thing I'm wondering is if I will be happy living in a smaller town with lower expenses. It's the best way for me to FIRE early. I live in NYC right now. While I don't imagine wanting to live in a busy place like NYC forever, I'm trying to decide if a really really low cost of living place like Montana (Missoula seems wonderful) would be feasible or if the culture shock would be too much.

Has anyone done this?

myhotrs

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Re: Has anyone young (under 45) FIREd from HCOL to LCOL?
« Reply #1 on: April 06, 2015, 02:51:12 PM »
I'm interested in this topic as well. Hopefully more senior mustaches will opine. I'm maybe three years for FIRE and live in SoCal. Wife really wants to move to suburb in FL or NC, haven't done much research yet though. I do know that I don't much like it here and if I stay in LA, I'll have to work like 3-4 years longer, so not that enticing.

Eric

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Re: Has anyone young (under 45) FIREd from HCOL to LCOL?
« Reply #2 on: April 06, 2015, 03:09:29 PM »
I'm in the same boat.  I'm trying to pick a lower COL area to FIRE to.  It's a continual process that involves many factors.  But the one thing I need to remind myself the most is that this is a vast country and there are many many wonderful areas to choose from.  So if I get to where I'm going and I don't like it, then I'll just move to the next place.  It's not like there will be a job tying me down.

nanu

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Re: Has anyone young (under 45) FIREd from HCOL to LCOL?
« Reply #3 on: April 06, 2015, 06:29:38 PM »
There's always other countries as well...

lise

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Re: Has anyone young (under 45) FIREd from HCOL to LCOL?
« Reply #4 on: April 06, 2015, 06:50:05 PM »
I know how you're feeling. 
I've just turned 45 and could now retire in a LCOL area but I'm actually enjoying my life in NYC right, so I'm now planning to FIRE in 5 years time so I have the option to stay here (like you - I can't imagine it being forever but since I enjoy it right now, I'm staying, maybe at 50 I'll feel differently!).

Livewell

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Re: Has anyone young (under 45) FIREd from HCOL to LCOL?
« Reply #5 on: April 07, 2015, 06:24:33 AM »
I live in a HCOL area (very) and plan to fire here in about 5 years (@ 47).

The two biggest things to factor in I think are housing and state taxes post fire.  This does require some extra time to save for.   The upside to HCOL area are more museums, parks and libraries, access to all the diversity and institutions of a big city, and at least where we are nearby natural beauty of Silicon Valley as well as the beauty of the city itself (San Francisco is an amazing city to walk).

Couple of other long term factors for us:  we have kids and want them to have access to good opportunities, and moving to a LCOL area is always there as a layer of safety.

HenryDavid

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Re: Has anyone young (under 45) FIREd from HCOL to LCOL?
« Reply #6 on: April 07, 2015, 06:52:04 AM »
Gonna be moving to rural France for most of the year in 2017 most likely.
The cost vs quality of life is amazing. We do speak French, so that helps.
Tiny houses which you reno yourself are the price of a mid size car or pickup here.
Off peak travel around Europe can be really cheap.
So, gardening, biking, local farm shopping, hiking, choir singing, writing, photographing, here we come.

spokey doke

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Re: Has anyone young (under 45) FIREd from HCOL to LCOL?
« Reply #7 on: April 07, 2015, 07:55:49 AM »
I'm planning to retire around 40 and one thing I'm wondering is if I will be happy living in a smaller town with lower expenses. It's the best way for me to FIRE early. I live in NYC right now. While I don't imagine wanting to live in a busy place like NYC forever, I'm trying to decide if a really really low cost of living place like Montana (Missoula seems wonderful) would be feasible or if the culture shock would be too much.

Has anyone done this?

FYI - many people in the region consider Missoula HCOL.  Certainly not NYC, but you might want to search for discussions on inexpensive mountain towns in the West.  A common topic on discussion boards related to skiing and mountain biking.

retired?

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Re: Has anyone young (under 45) FIREd from HCOL to LCOL?
« Reply #8 on: April 08, 2015, 11:23:53 AM »
Sort of....I moved from Chicago to Houston with the intent of RE....i.e. I made the move about a year before actually retiring.

Two things I would point out:

1.  LCOL does not nec mean small town.  Lots of places in the South.  Depends on what you want to do with your free time.

2.  Pay great attention to taxes, e.g. while I love Portland and Oregon, but if moving to that area I would choose WA State.

You won't have to experience culture shock in the sense of how much there is to do (culturally or not....believe it or not, Houston is 2nd to NYC for # of theatre seats).  But, if you are a lifelong New Yorker the main diff will be the personalities.

Gray Matter

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Re: Has anyone young (under 45) FIREd from HCOL to LCOL?
« Reply #9 on: April 08, 2015, 01:17:14 PM »
We grapple with this.  We could retire today if we were willing to move to a LCOL place.  But I just don't think I can do it.  We went away last weekend to a smaller city in our state, and while it was lovely to visit, I just can't imagine living there.  Ever. 

That said, I am planning on finding lower cost of living options within my city once we FIRE.  As long as we have kids and jobs, I want to hang on to the house, or at least the neighborhood, and we need two cars (public transport options not good to our jobs).  But once at least some of the kids are out of the house, I'm willing to downsize in terms of square footage and am also willing to consider other neighborhoods, so we should be able to buy a home for about 35% of what this one cost, plus go down to one vehicle, allowing us to FIRE in the city.