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People have moved out of areas they couldn't afford since the beginning of time.
Right. However, so many millennials and zoomers are so into the, "experiences" lifestyle that many won't act on locational COL vs. income irrationally over the long term. We actually have good direct and indirect data indicating as much.
The other side of the coin is most places that are cheap are cheap for good reasons......limited job ops., bad schools, poor housing stock etc.
We live 1 hr from the closest town, a world class ski area & rec area. The pay is much higher, overall, for most any occupation.We choose to commute. to work. Luckly he only works half the year and my commute is only 2 days a week. My fantasy is somehow we are able to live in that resort town full time, or at least somewhat closer to this town. It's only possible if we want to live in a mobile home in a mobile home park, no more nice 1400 sq foot home with a garage on 1 acre. No thanks
People have moved out of areas they couldn't afford since the beginning of time.
It also depends on when it becomes not affordable. I lived in the DC area for many years because that was were the best jobs were in my field ( and no work from home ). We lived in the HCOL area only because of the high wages and meaningfulness of careers. But we lived within our means, modestly ( yet comfortably ), planned ahead, and paid off the mortgage in 10 years.
But. When it came time to retire we knew we could not afford to live there on roughly half the income. So we moved to a much more affordable area. Sold the big house in the HCOL and bought something even nicer in the LCOL at half the price.
Now we still live modestly ( and comfortably ). And ... with nowhere near the traffic, congestion, crime, etc. Not to mention it is warmer and nicer here.
A close relative retired from HCOL area to South Carolina because they could buy a stunning, big home, play golf daily, eat at country club. 10 years later they are looking to move back north because intrusive politics are making their local life unpleasant. They themselves never discuss politics so social aspects must have really gone downhill.
They have enough money through pensions, Social Security and investments to move but getting a similar home? It will cost more for a smaller home. They don't need a large home but it may feel like a comedown from what they have.
We all make decisions based on our own priorities. Being close to relatives, living in a safe neighborhood, being close to reliable medical care, being able to afford the cost of where we live. After you make a major move and know how exhausting it is you don't make another move without very big reasons.
When I got a gray divorce 3 years ago I knew that the only way I could afford to stay in Reno was if I bought a condo. Rents are unaffordable. So we sold the house and split the profits and I immediately bought a condo to secure a low payment which is usually one of people’s biggest expenses. Even with the hoa fees that includes all my utilities I only pay half of what renters do for a similar place.
A close relative retired from HCOL area to South Carolina because they could buy a stunning, big home, play golf daily, eat at country club. 10 years later they are looking to move back north because intrusive politics are making their local life unpleasant. They themselves never discuss politics so social aspects must have really gone downhill.
They have enough money through pensions, Social Security and investments to move but getting a similar home? It will cost more for a smaller home. They don't need a large home but it may feel like a comedown from what they have.
We all make decisions based on our own priorities. Being close to relatives, living in a safe neighborhood, being close to reliable medical care, being able to afford the cost of where we live. After you make a major move and know how exhausting it is you don't make another move without very big reasons.
I wonder what sort of intrusive politics is making their life unpleasant. SC is pretty independent and easy going compared to other places we lived.
But of course, you don't want to live where you're not happy for any reason.
My area is quite expensive compared with national averages, so I'd like to move somewhere with a more reasonable cost of living. I'm looking into it now.
we did, moved from South Florida to SC , we could not maintain in Fl due to the rising costs of taxes and insurance, our income went down slightly and we pay a state income tax but our col was reduced and the move allowed us to put a good amount into our retirement fund, whether or not it was the best decision time will tell
People have moved out of areas they couldn't afford since the beginning of time.
Not at this rate of prevalence, this is more than just a few token examples.
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