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9 Important Factors to consider in choosing a place to live
From low crime rates to a great education system, there are many variables to consider when choosing that perfect place that you and your family can call home. To help you make this important decision, I’ve provided an analysis of the most important factors to help you find a home that suits the needs of you and your family.
Begin by determining what is most important to you and your family. If you’re single, living in a bustling city might be an ideal choice for your next home. If you have a family, on the other hand, a small town offers amenities that your kids will love. Here are some of the tips that I have all of my clients consider when a move is on the horizon.
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Affordability & Cost of Living
The cost of living varies widely across the nation, particularly between the coasts and the middle of the country.
Living in a city with a low cost of living has the very obvious advantage of everything simply being cheaper; for example, you can practically get a mansion in a place like Tulsa for what you would pay for a two bedroom in San Francisco.
On the flip side, some would argue that most expensive places are expensive because they are clusters for the creative class, and that, living in one of these locales could greatly propel your success and earnings in the long run. For example, those who work in the tech field in Silicon Valley make 75% more than those who work in tech anywhere else.
And as others would argue “You get what you pay for.” Places that are expensive tend to be so because they are highly desirable for a variety of reasons. Even though it takes a greater bite out of your paycheck, they like that it’s more expensive to live in a specific area, because it’s part of what keeps the place from being overrun; instead, only those who really want to be part of that community and are willing to pay the price, reside there.
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Employment Opportunities
Employment opportunities vary from state to state and city to city, so spend some time researching the job markets in different areas of the country. Start by analyzing quality employment opportunities within your industry, then determine where the highest concentration of these jobs are located.
Do you want to be an investment banker? You’ll need to live in a big city, like New York or Boston. Are you a teacher? Your options will expand considerably since education is sought after in just about any city or town.
Income levels for jobs can vary greatly from state to state. Salary.com lets you compare pay rates for various careers across the country. Salaries are often based on where the job is located. For example, a marketing manager job might come with a large salary in San Diego, but the cost of living is very high in Southern California.
Do your research before you move, and ideally, find a job before you relocate.
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Proximity to Family and Friends
Do you have a large extended family? Do you spend the holidays with your family and friends? These are important factors to consider when choosing where to live.
If extended family and friends are important to you, choose a place either within driving distance or within a reasonable distance by plane. Otherwise, you’ll constantly feel torn, and likely spend all of your vacation time and energy shuttling back and forth to visit friends and family. Certainly it’s enticing to want to head off to a new, exciting city, to start over again in a place where you don’t know a soul. But will that really make you happier? According to a study by economist Nattavudh Powdthavee, regularly seeing friends and family is worth $135,000, or in other words, you’d have to make that much extra money in your new location to compensate for the hit your happiness would take in moving to a new place.
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Environment for Child Rearing
Once you have kids, where you live isn’t just about you anymore. You want your kids to have the best possible upbringing. But the elements conducive to an ideal upbringing are naturally a matter of debate. There are folks that think raising a kid in the city, despite what can be cramped quarters and sub-par schools, is the way to go because of the exposure to diverse peoples and culture the children will receive. There’s the camp that thinks being raised out in the country is best, giving the kids a chance to roam free, breath fresh air, learn hands-on skills, and become more self-reliant. And then of course many parents choose to live in the suburbs, believing that a bigger house and backyard, along with good schools, compensate for the lack of the benefits found in either the city or the country.
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Education System
A good education is essential to setting up children to better handle the rest of their lives, so the importance of good schools cannot be overstated.
Many parents chose the town where they live because of the public school system’s reputation. I have friends who have moved from California to Utah so their kids could go to better schools.
Nonprofit websites like GreatSchools are a great source for parents looking for the ideal schools for their children. The quality of the public schools factors into your finances, too, since tuition for a private school can be extremely expensive.
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Crime Rates and Statistics
No one wants to live in a high-crime area, but that doesn’t mean that everyone can live in a Utopian society where crime never happens. By researching the crime rates and statistics for various areas, you can learn more about the safety of a town or neighborhood.
If you have already decided where you want to live, stop by the local police stations to discuss your new neighborhood. The police will be happy to discuss any concerns you have about the area. You can also check out crimereports.com which lets you review crime statistics for different neighborhoods.
Keep in mind that just because an area is safe today does not guarantee that it will be safe in the future. The long-term stability for a neighborhood can be a determining factor in how safe your surroundings are. Also, consider the future development of a particular location as you narrow down your choices.
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Climate
Like to ski all winter long? Maybe southern Arizona isn’t the place that you should call home. Not a fan of humidity? You may want to avoid settling in Florida any time soon.
I grew up in Utah and swore that I would one day escape to a warmer climate; I hated winter that much. I knew that I would be more comfortable in warmer climates, so much of my adult life I lived in California and Nevada, away from snow, bugs, and humidity.
The climate plays a large role in our lives as it impacts our hobbies, behavior, and sometimes even our jobs. Living in the climate in which you are most comfortable contributes to your mental health, so choose wisely!
Culture
If you crave constant cultural stimulation, you definitely want to choose a place that has a lot of cultural offerings. When I lived in Southern California, I could see concerts, operas, sports teams, plays, and musicals all the time. I took full advantage of the cultural scene when I lived there, but I’ve become less active over the years. Now that I live in Utah, the options for cultural experiences are still available, just more limited than a place like CA or NY. On the plus side the Outdoor/Adventure culture in Utah is some of the best in the Country!
Many people need to be near their favorite team, or a vibrant music scene or the theater. If you have a favorite hobby or recreational activity, make sure that you can continue to pursue these interests in your new home. Finally, if you enjoy being around a specific religious or ethnic community with your same beliefs and interests, this should be a factor in where you choose to live.
Healthcare Facilities
Healthcare facilities are important at any stage in life, but they are especially relevant if you have children or if you are nearing retirement age. Easy access to good healthcare can increase your quality of life exponentially, so be on the lookout for towns and cities with good hospitals and medical schools. Often, there will be a correlation between cities and the quality of the healthcare.