Is Moving for Cheaper Rent Always Worth It?

One of the biggest things renters worry about is how much they should be paying for a place. Rent affordability calculators can help you figure out how much you should be spending based on your income, but in a city like New York, where the average rent is $3,649, it might be hard to find something you can afford without struggling. Big cities are normally where the jobs are, but they’re also where the rent is highest.

With rent prices continuing to rise, renters have to decide whether they want that prime location downtown or if they want to move somewhere a bit farther away from the city so that they can save on the rent. So, should you stay or should you go? Here are some tips to help you decide what’s right for you.

Try the Commute

If you have a job in the city that you don’t want to give up if you move, you’ll have to consider how long your commute will be. Try driving what your new commute would be at various times, including during rush hour, to see just how long you’re going to be traveling each day. If you’re moving far enough away for cheaper rent, your commute could tack hours onto your workday. See if the commute is something you’re ready to commit to.

Consider Your Moving Costs

Moving is never cheap, and it’s also tedious work. If you hire movers, that’s an extra expense, but if you do it yourself, you still have to get packing supplies and a truck or trailer to help you get everything from place to place.

Moving also makes people try to justify getting rid of old furniture or appliances and buying new ones so they don’t have to move them. While good furniture prices can be found, it’s important to consider the absolute necessities, not just desires.

If your rent is decreasing by an extreme amount, you can probably make up for these costs. But that’s something you’ll have to budget out and make sure of.

Get Some Advice

Talk to your friends and family and get their opinion on things. See if you can find someone that did a similar move or lives where you’re thinking of relocating and ask about their experience. Do they think you’ll enjoy the new town? Do they think it’s worth it to move?

Explore Both Locations

Go around to your favorite places in your city and see what you’re going to miss. Are they things that you can’t live without having close by? Explore other neighborhoods and areas if you live in a big city, and see if their cost of living is a bit cheaper. Maybe you can stay in the city and still save some cash.

Explore the location you’re considering moving to as well. See what things there are to do, what restaurants there are and what shops they have. Spend a long day there and see if this is really a place that you can see yourself being happy in.

Consider All the Options

Leave no stone left unturned when it comes to considering the pros and cons of each place. Work out budgets for both options, including moving costs, and see where you’ll be standing economically. Consider closeness to your job and if you’ll have to get a new one to make the commute doable. Think about your family and friends and where they live in comparison to each location. Saving money may be important, but if it makes you miserable to move to another town, it may not be worth it.