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How Relocation Can Impact Cost of Living

by MLB Real Estate Group 03/21/2021

Image by Wellnhofer Designs from Shutterstock

When you’re relocating you search for a property and learn the real estate market in your new area. Are you also looking at what the general cost of living is in your new city? The cost of living can be very different from state to state and city to city. Here are some common daily expenses you may want to research as part of your relocation planning. 

Groceries

The cost of groceries and home goods can vary drastically from place to place. If you’re moving to a new city or state your general cost of goods may increase or decrease depending on where you move. This is a cost many people don’t consider when thinking about the affordability of a new area. The price of milk might be 50% more or even double the cost from where you live now. The same shampoo you purchase in California might be half of the cost in Arizona. A change in sales tax will also make a difference in what you pay for goods. To gather information about how this may impact you, check into a few retail stores in your target area (or online if you can’t be local) and make some price comparisons based on the products you purchase regularly.

Transportation

Gas prices can make a difference to your monthly costs. On the coasts, prices can be as high as $4.00 or more per gallon, but in the Midwest and South prices can be under $2.00 a gallon. If you’re moving to a location where gas prices increase consider those additional fill-ups when determining what commute you can manage. Is it most cost-effective for you to live further away from your workplace in a less expensive home? Does it make more sense to find a home closer to work allowing for a shorter commute or the use of a public transportation option? Consider also the amount of time you’re willing to spend on your commute each day.

Food and Entertainment

The amount you spend on entertainment and dining each month may change when you move. In some places a higher minimum wage is set for service industry workers, so a lower tip percentage is common. In other locations the service industry wage is quite low, so a higher tip percentage is the norm. Explore the activities you enjoy while you house hunt to get a better idea of what differences you might experience in your new location.

Services

Finally, the cost of general services can affect your bottom line. From your new hairdresser to housekeeping services to home repair companies you could see a change in pricing. If you frequently use these types of services or would like to, consider how the average cost for them fits into your monthly budget. 

These cost differences may not seem like a big factor, but they can impact your monthly expenses. If you’re moving to a more affordable place you may save enough on basic goods and services that you can increase your mortgage budget. However, if you’re relocating to a city with a higher cost of living, you may need to revisit your monthly budget to see what you can really afford.

About the Author
Author

MLB Real Estate Group

Mary Lou Buckley

A full-time Realtor © for 25 years, MaryLou has transacted business from raw land sales to luxury homes in both New Hampshire and Massachusetts. She prides herself in having a diversified background, and great local knowledge of the southern New Hampshire and northeast Massachusetts markets. A prior product manager in the electronics industry, MaryLou takes pride in her marketing knowledge and skills.  

Her hard work and dedication to each client has resulted in quality relationships with buyers and sellers as well as consistent leadership awards. Her commitment to the industry in general has been demonstrated by her service on the Granite State South Board of Realtors Board of directors, the Granite State South Board of Realtors Ethics Committee, as well as membership in the New Hampshire Association of Realtors, Massachusetts Association of Realtors, Northern New England Real Estate Network (NH Multiple Listing) and Massachusetts Property Information Network (MA Multiple Listing).

She is a consistent multi-million dollar producer who credits her success with the repeat referral business from her past and present clients. They have helped her become a highly respected and recognized Realtor © within the community.

A resident of southern New Hampshire for 27 years, MaryLou lives in Atkinson with her husband, Michael.

Amy Wholley

New to the industry and eager to help you with your needs, Amy Wholley is a licensed Realtor © in New Hampshire and Massachusetts. With a passion for service in the southern NH area, Amy is ready to help with your home buying and selling needs. As a proud member of the Coco, Early & Associates family and an active member of the Realtor © association, Amy carries the values of hard work, integrity, and outstanding client service into everything she does.

When Amy is not making home ownership dreams come true for her clients, she enjoys spending time with her young family and going to the beach to soak up the sunshine. Originally from southern Maine, Amy now lives in Pelham, NH with husband, Mark and two sons, Liam and Finn.