We all know cost of living caries drastically by where you live. The laws of supply and demand influence which regions have higher expenses than other.
So, are you thinking about moving somewhere cheaper to get more out of your dollar or retire?
That’s not a bad idea but before you go down the rabbit hole, here are 2 things you need to consider:
1.Check the climate
Moving to a new area can mean making a few sacrifices and one of the only things you can’t change is the climate. Make sure you can handle the humid heat if you go to some of the southern states near the river delta or handle the extremely cold winters up in the New England area. Understanding the climate of an area will help you make a smart decision whether moving to that area is really worth the adjustment in cost of living.
Additionally, make sure you know what types of natural disasters may occur in the area. Some places are supposedly “cheaper” for a reason. Calculate the additional costs of getting the right types of insurance to protect things such as your property. If you move to areas like the Florida coast where hurricanes and flooding occurred, make sure flood insurance is attained. That additional insurance could then make what seemed really “cheap” not as good of a deal as originally intended.
2.How’s the community
Assuming you aren’t moving to move into the forest all by yourself, there is a good chance that you are going to be part of a community with other people. Understanding what type of people are in that are you are looking to move is important as well.
It probably would not be great if you wanted to find other active people to socialize with only to find out you were moving to a retirement community. Trust us, we’ve made that mistake and it’s not great.
On the contrary, imagine trying to move to get some peace and quite to discover you moved to a college town where the neighbors are loud college frat and sororities.
Lesson of the Story:
At the end of the day, you’re moving for a reason. Find what works in your budget and checks the things you value the most. For many, the climate and community are some of the top things you should consider because those are things you have no influence over.
As the Dalai Lama best put it
“The point of life is happiness”
So find the place that makes you the most happy given your budget.