At some point in your family’s life, you’ll consider relocating to a new area. Job prospects or being closer to family are both common reasons people cite.
However, moving to a new location isn’t as simple as you might think. There are a lot of things that you need to mull over before moving to the other side of the country.
Before you even consider purchasing a new property, you’ll want to consider taxes in the new area. Tax rates can vary considerably from state to state, with each offering different regimes. As you might expect, some are expensive, like California, and others are much cheaper, like Arizona.
Sales and income taxes aren’t the only taxes that you will face. There are many other considerations too. If you’re looking for the cheapest states, you’ll want to check out the Tax Foundations’ rankings, showing you the most expensive and cheapest states to live. DC has the highest taxes, with states like Tennessee and Oklahoma having the lowest rates.
Real Estate Appreciation
If you’re like many families, your home is your financial nest egg. It’s where you keep the majority of your wealth. Thus, when thinking about long distance moving, always consider whether home prices are likely to appreciate in your destination state. In some parts of the country, home prices are likely to rise indefinitely due to population pressure and demand for work. In others, however, they may remain flat or even fall long term, depending on patterns of economic development.
Whether you’re moving a young family or planning to live alone, crime rates are critical. You need the area in which you live to be safe.
Fortunately, data on crime rates are readily available. States collect meticulous information on criminality and make it all available online.
Just remember that even if an area of the country seems safe today, it may not be in the future. Always check demographic trends to see which way the wind is blowing and how likely it is for crime to break out in the future.
Closeness To Family And Friends
Why do so many families stay in the same place for decades at a time? The main reason has to do with their support network. They have people around them who can look after their children when needed.
If you’re moving to a new area, think about how it might affect your lifestyle. Will you have people you can call on in an emergency?
You’ll also want to consider climate factors: what’s the weather going to be like?
If you move to the south of the country, you’ll need to prepare yourself for long, hot and dry summers with relatively small changes throughout the seasons. If you go to the northern states, the opposite is true. You’ll need to get accustomed to snow and freezing temperatures.
Climate can affect your quality of life considerably. During the winter months, for instance, it may be too cold in some locations for your family to go outside – a problem for anyone who enjoys being active.