Is moving to a lower cost area smart?

​According to one nationwide survey  almost 23 million people are relocating to advantage of the ability to work remotely. Many of those people are looking for places where housing prices are cheaper or the lifestyle they desire if more attainable. A lot of considerations should be thought through before making any rash decision though. While some communities and/or rural areas offer less expensive homes there often are other costs that might be higher. State income taxes vary from state to state as one example. Rural living usually involves more transportation and often fewer choices for entertainment, restaurants and school choices and availability of health care. Of course, if you can "cash in" on the peak housing prices and buy something cheaper in another area you may have a nice nest egg to subsidize retirement income, make other investments or finally get to travel more. Before hanging the "for sale" sign on your lawn, do some research on the areas you might consider moving to. Get to know the history as well as the amenities that are available. Moving to a new neighborhood can be an opportunity to experience life from a new perspective and can be rewarding. But there may be negatives as well. The less expensive areas typically have a lower wage scale which may be important if your remote job ends and you have to find employment in the new area. If you are leaving behind friends and family you could end up spending any savings by taking trips back to where you came from. In other words, plan carefully and consider all the ramifications of a move before putting your current home on the market.

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