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Anyone moving from HCOL to LCOL areas and regret it?

Started by LittleSeedsOfWealth, March 21, 2019, 09:40:13 PM

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Say you are working in a HCOL area (e.g. San Francisco) with a decent salary. However, in order to buy a house, you'll still have to work for a long time. If you move to a LCOL area (e.g. Minneapolis), your savings would enable you to buy a house in cash. However, you'll have fewer job opportunities in your field. Would you make this move? If you made this kind of move and regret it, I'm curious why.


I think the key part is to have friends and family near the low cost of living place. Picking a city based on a magazine ranking or a spreadsheet doesn't work.

Your financial and life situation are key to this. If you are single, the cost of a shared apartment isn't necessarily worth the trade-offs. If you are starting a family, you want space and being away from bars and nightlife is a plus. Also factor in your savings and asset base. If you have a good amount saved after buying a primary residence, go for it. If you don't have much saved and just paid off student loans, maybe try to work a bit longer in a high cost of living area and try to save a bit more before the transition.


I agree completely with what Eric says above, but I think you also need to consider your job prospects.  Some jobs have no issues moving to small cities or rural areas - i.e. work from home, I.T., accounting, etc.  You need to consider how financially stable is the company you are moving there for if there are lower prospects for a new job if that company fails or has layoffs.  Are you confident enough that you could find another job within a certain time frame that you need.


Tanya at Busget and The Beach moved from LA to Boise and regretted it. She moved back within a year and she wrote some posts.


Young And The Invested

I'll be moving from a LCOL to HCOL this year.  I'll be honest when I say I'm scared.