{"@context":"https://schema.org","@type":"FAQPage","mainEntity":[{"@type":"Question","name":"What major factors should I consider before relocating?","acceptedAnswer":{"@type":"Answer","text":"

The cost of living is the number-one factor to consider because it determines how comfortably you can live in a given place. You may also want to account for big-picture financial goals, such as paying down student loans or saving for a house. Even if you can afford your day-to-day necessities and discretionary expenses, will you have enough left over for other priorities?

It’s also worth considering whether this is a place you want to live for the next several years. Does it offer amenities that are important to you? How easy or difficult is it to visit friends and family? Cost of living and quality of life should be the leading factors in your decision.

\n"}},{"@type":"Question","name":"How much does it cost to move?","acceptedAnswer":{"@type":"Answer","text":"

Moving costs vary based on where you’re moving and how far it is from where you currently live. If you’re moving a long distance, you may need to pay for gas, plane tickets and hotel stays or AirBnB rentals until you get into your new place. You’ll also need to account for groceries and food along the way, as well as the cost of movers or a moving truck to haul your belongings.

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Using a cost of living calculator can help you figure out whether a move is financially feasible. MoneyGeek’s calculator is designed to show comprehensive cost of living expenses based on your salary so you can get a true sense of how much money you need to live comfortably in a new place.

\n"}},{"@type":"Question","name":"Should I rent or buy?","acceptedAnswer":{"@type":"Answer","text":"

If you plan to stay in an area for at least 3–5 years, buying a home may be a good decision if you have at least 3% saved for a down payment and can afford the monthly loan payments.

<a href="https://www.moneygeek.com/mortgage/mortgage-calculator/">MoneyGeek’s mortgage calculator</a> can help you figure out what your payments might look like — remember, these include the loan principal and interest, plus taxes, homeowners insurance and other fees — to see if buying a home fits into your budget.

If you’re not sure how long you plan to stay in the city or don’t have money for a down payment and closing costs, you may be better off renting until you’ve had a chance to save and make a long-term plan.

\n"}},{"@type":"Question","name":"How much should I spend on necessities?","acceptedAnswer":{"@type":"Answer","text":"

Your necessities budget will depend on where you live since some expenses are non-negotiable and influenced by your location. But you can also use the “50/30/20” principle as a good rule of thumb. Using this method, you allot 50% of your income to necessities, 30% to discretionary costs and 20% to savings and extra debt payments (beyond your monthly minimums).

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