Navigating Location Decisions

Remote Work and Living Costs: Making the Move Worthwhile

The ability to work remotely has opened up tremendous flexibility for people to live wherever they want by no longer being constrained by their proximity to an office. However, it's important to carefully consider things such as living costs and lifestyle factors before relocating to a new area solely for remote work. Here are the key things you should take into consideration to determine if moving to a new location as a remote worker will be to your benefit.

Understanding Your Motivations

The first step in deciding to relocate as a remote worker is understanding what's motivating your desire to move. Are you seeking a lower cost of living? Yearning for a change of pace and scenery? Craving more or less social interaction? Do you want to be closer to family or move to an area with a great school district? Understanding your motivations will help you identify what your priorities are when researching and comparing potential locations to relocate to.

Housing Costs

One of the biggest allures of moving to more affordable areas such as Noblesville, Indiana, or Pikeville, Kentucky is being able to buy a larger or nicer home for less money versus areas with a higher cost of living such as New York City or San Francisco. Research home and/or rent prices thoroughly in areas you're considering moving to across a few real estate websites to get an accurate idea of housing costs. Remember to factor in property taxes and home insurance costs as well.

Daily Living Expenses

While housing costs will have the biggest impact on your budget, you need to look at the full picture to determine the affordability of a new location. Compare state income taxes, grocery and transportation costs and utilities including - heating, cooling, electricity, water, garbage and internet. The US Bureau of Labor Statistics Cost of Living Index is a great place to compare these costs in different locations. Remember that even if you earn a good salary, moving to an area with a high cost of living can greatly impact your standard of living, so it's crucial to do a thorough assessment of how all of these costs will impact your bottom line. Don't forget to factor in recurring costs like car insurance, eating out and entertainment too.

Utilizing Data

75% of Americans who moved in 2022 said they have regrets ranging from not liking their new home to moving to the wrong city size so the more research you do before deciding where to relocate to the better. Check out websites such as City-Data, Best Places, and local city guides like this one for Perry, Indiana. You’ll get a comprehensive snapshot of the areas you are interested in moving to even if you’ve never set foot there before.

Quality of Life

Beyond the cost of living, you need to consider how your quality of life will be different in the new city or town. Be sure to research local healthcare options, school districts, community events, recreational activities, museums, restaurants and fitness options. As a remote worker, you'll be spending a lot of time at home but you'll also need access to certain amenities as well as opportunities for socializing.

Internet Connectivity and Working Conditions

As a remote worker who seeks a slower-paced life, it might seem like a good idea to want to relocate somewhere that’s more off the grid but moving somewhere with internet connectivity is still essential. Research the average internet speeds and the reliability of the internet service providers in your potential new location. You'll also want to consider your new working arrangements. Will you have a dedicated workspace? Are there coworking spaces or cafes nearby if you wish to work outside your home? These factors can greatly affect your productivity and work satisfaction.

Career Impact and Accessibility

Remote work frees you from the office, but if you work for a company located in a different state you may need to go back to the office occasionally for meetings or travel to industry conferences. Find out where the nearest airport is and how frequently flights are available to the area your company is located in. If you are required to foot the bill for your work travel, figure out how much transportation and accommodation will cost you. You should also think about any positive or negative impacts moving to a new location could have on your career.

The decision to relocate as a remote worker will depend largely on your unique circumstances, motivations and lifestyle needs and will require careful consideration, planning and research. Use all the resources available to you like cost-of-living calculators and local city guides to make an informed decision. By taking a holistic look at all of these factors you can thoughtfully evaluate how your potential move could impact your work and personal life both immediately and in the long-term allowing you to make a decision that will lead to a successful and fulfilling relocation.