New York City, NY

How Location Could Be Your Best Move Financially

David H.

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New York city - Aerial view of buildingsFernando Gonzalez

While there are financial benefits and a few drawbacks to consider, the advantages to leaving the big city may outnumber reasons to stay. The city offers many conveniences, but typically come with a cost, and there's never been a better time to making the move if considering.

Many have recently been relocating for a variety of reasons. This isn't really a new trend, but more of an ongoing shift that started about five years ago. Some are under the illusion that it's motivated by a supposed pandemic exodus afflicting American cities, and the increase in the opportunity to work remotely might seem to influence the choice of relocating to more affordable options.

Living in New York or one of it's boroughs can cost easily cost a cool million (and probably why so many rent) but when you look at other areas there are much more affordable places if relocation is an option.

Not every career has the option of being remote, and in many cases like finance you need to be where the job takes you or your presence is required. But things are changing and there are increasing opportunities for people to move away from an expensive urban center, and this can have a big impact on your own quality of life.

Recent events have left people with wondering how they might provide for themselves and their family, or even dealing with their financial situation when carrying debt or have income concerns. Many have had problems, with 75% of Americans not knowing how to properly manage their finances finances.

For many, relocating from a big city can mean to go from renter to home owner. Finding cheap cities is just one way of looking at the possibilities. Location is a big factor, and finding what's right for you and your family isn't to be underestimated, if you want to be happy.

NorthEast U.S.

In a recent study of 1,300 locations of Best Small Cities in the U.S. that looks at everything from cost of living to cheaper property mentions Massachusetts twice in the top 5 results. In a similar study by Bankrate of America’s best places to live in 2021 place Boston at number 4.

Western U.S.

An article from Business Insider proposes the 50 best places to live in America and mentions Colorado twice in the top 3 recommended places. According to USA Today at least 4 of the best places to live were in California out of their top 50 cities.

SouthEast U.S.

Parts of the southern U.S. have some great options as mentioned by U.S. News that suggests Huntsville, Raleigh and Fayetteville as places to call home. Others recommend Arlington and Jackson as the place to be.

All of these articles and studies have one things in common, they are subjective to personal opinion, as statistics alone can not decide for you. You might be able to determine some things like cost of living, employment opportunities, commute times, walkability, culture or entertainment, but that's only part of the picture. When you look at 'quality of life' it's more than a mere number and has tangible aspects that are not easily summed up and need to be experienced.

Cities that have done well annually often include Denver, Raleigh, and Austin, but it takes more than reading about it before planning a move. One should experience a destination before a big commitment like relocating. Being from Massachusetts, I'm used to a certain lifestyle and type of weather. On the advice of some friends, I moved to Los Angeles when I was younger, and it wasn't for me. While the weather is nice, it was a bit to warm and humid for myself. I also found that I didn't really connect with the locals and made the move back to Boston a couple months later. But no amount of planning or reading could have given me this insight. And if it had mentioned somewhere, I still feel it would need to be experienced and that nothing replaces that.

But it really is subject to the reviewer. In this article on best little cities to live it suggests the top 3 destinations as Madison (WI), Ann Arbor (MI) and Overland Park (KS). I can think of a dozen little cities and these 3 would not be included. So it just goes to show you that when it comes to choosing the best place to live, it's really about you, and your needs.

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Finance aficionado and enthusiast

Boston, MA
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