Gothamist recently posted a very interesting article titled ‘Reminder: You Can’t Afford to Live in Manhattan.’ The articles refers to a recent NY Times article stating that rent in Manhattan has increased 20% since 2005 – and it’s still on the rise. A middle income (as the article states) is considered to be $91k to $152k – middle income. Clearly, it takes a lot of money to live in Manhattan, but NYC isn’t the only metropolis that’s hard to afford. The fact is that living in any major city means saving less money and spending more money – most of it on rent. That’s why some people are deciding that moving to more affordable states is the way to go. But, do you really save money when you plan to move to an area that won’t cost as much? Let’s take a closer look.
The Cost of Moving
If you’re making a combined income of $150k plus and you’re paying more than $2000 in rent per month, moving to an area with a lower cost of living makes a lot of sense. But, there are costs associated with moving, and here are some of those considerations:
1. The price of working with a cross-country moving company.
2. Uninstalling and reinstalling utilities
3. Craning or moving any object that can’t be moved by regular means.
4. New housing costs or tax considerations To figure out if a move is worth it, add up all of those costs (granted, most of those things are a one-time deal).
You also have to consider the general cost of living in the area that you will be moving to. Let’s use moving to Fort Collins as an example. Moving to Fort Collins Average cost of living: 5.9% below the national average Average home price: $166,400 Median Household Income: $56,216 All of the prices listed above have been pulled from Forbes Magazine, and you can look at some other statistics here.Let’s compare those rates to Manhattan. Average rent in Manhattan: $4,125 per month Average home price: $1,000,000 plus Median Household Income: $66,739 Sixty-six thousand dollars per year will get you a lot more in Fort Collins than it will in Manhattan, that’s for sure! So, when does moving to save money not make sense? When Moving Doesn’t Make Sense Sticking with our New York theme, let’s consider moving from Manhattan to a remote location in upstate New York (somewhere way out of the way where cows are your closest neighbors). Moving to a rural area may seem like a good idea, and the cost of living can be a lot cheaper, but you’ll have to think about other things like:
• Do you need a second car?
• Will you have to drive everywhere?
• Will your workplace be really far away?
• Can you get low rates on utilities?
Things like cable bills and cellphone plans tend to be higher in smaller rural areas, and driving everywhere means that you’ll spend more in gas money. If you have to buy a second car, you can add insurance and gas prices onto that amount too. Suddenly, moving to that rural area might not make as much sense. Is there a happy medium? In most cases, moving to a suburb or city that’s a lot less expensive than your current location makes good sense. Fort Collins, for example, would be an ideal place to live (and it’s on Forbes’s list of best places to live) if you are trying to save money, and living in a place like NYC just isn’t cutting it. Saving on Your Move Aside from moving to a place that’s less expensive cost of living-wise, it’s important to find a moving company that offers reasonable rates. Should you choose the least expensive company? Not necessarily. The idea is to look for a moving company that has lots of expensive, can get your stuff where it needs to go safely, and can provide you with all of the moving details that you need from the start.
Exodus Moving and Storage is such a company, and we’d love to give you an absolutely free quote on your upcoming move. Exodus Moving and Storage also offers ample storage facility spaces in both Fort Collins and Denver, so we can help you store your items too. As a full service moving company, Exodus Moving and Storage is here for every part of your move from start to finish. Call us today – and let us know what the cost of living is like where you live!