More Financial Reasons to Move to Another State

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People move across state lines for various reasons, whether as a requirement of their career, for a job opportunity, to live closer to family, or to better their health. Where you relocate isn’t always a matter of choice, but when it is, it’s a good idea to examine which areas of the country are ranked highest for unemployment, low cost of living, and the best climate –factors that can have a lasting impact on your finances. In addition to these major expense concerns, here are a few more financial reasons to consider when moving to another state.

Reason #4: Better Quality and Affordability of Education
If you have school-aged children, you’ll want to consider which areas of the country have the highest quality public education. Receiving a high-quality education is an important step to being accepted at a equally high-quality university and being able to pursue one’s career of choice. These states are ranked the top 10 for the quality of their education:

1. Maryland
2. Massachusetts
3. New York
4. Virginia
5. New Jersey
6. Ohio
7. Pennsylvania
8. Georgia
9. West Virginia
10. Arkansas

According to greatschools.org, these cities’ education systems are ranked the highest in the country:

1. Raleigh, North Carolina
2. Colorado Springs, Colorado
3. Mesa, Arizona
4. Honolulu, Hawaii
5. Virginia Beach, Virginia

Higher Education is also an important consideration when moving to another state. Some states have higher-quality state as well as private universities, and some are more affordable. Living near high-quality, affordable universities can be important if you’re planning on returning to college to improve your career opportunities, or if you want to keep your college-bound children close to home. As long as you’re not spending too much on transportation, living at home and commuting to college is much less expensive than paying for room and board at any university. While most people don’t need a degree from Harvard (which can cost roughly $52,000 a year!), there is a need for quality education at an affordable price. Unfortunately the correlation is that most of the top-ranking universities also charge higher tuition.  If you’re a resident, most state universities are much cheaper to attend. A  few of the cheapest state universities are Texas A&M, San Diego State, University of Nevada, and Florida State University.

Reason #5: More Affordable Healthcare
Healthcare is an extremely important expense to consider into your budget, and another good factor to examine when moving to another state, especially if you normally pay high premiums, out-of-pocket, or are considered a high-risk client.  According to usa-healthinsurance.com, the states with the most affordable healthcare considering 32 points of criteria are Hawaii, Iowa, New Hampshire, Vermont, and Maine.  The states at the bottom of the list for healthcare costs are Nevada, Arkansas, Texas, Mississippi and Oklahoma.

Reason #6: Ideal Conditions for Retirement
More affordable healthcare leads into another important reason for relocating to another state: retirement. Retirees are often forced to live on a fixed income while at the same time becoming increasingly reliant on certain amenities such as handicap accessibility, public transportation, and proximity of health clinics. Certain states are more friendly toward retirees because they either don’t charge income tax or offer certain allowances for retirement income that make it easier to stretch your paycheck. Of course, warmer climates are generally more popular for retirees, as well as states with many retirement communities and low-cost leisure activities. Here are the most popular retirement states based on their low cost of living, taxes, and other benefits:

1. Florida
2. North Carolina
3. Tennessee
4. South Carolina
5. California
6. Arizona

Looking at these lists, it’s easy to see that some states have more ideal financial conditions for college students or those with children, whereas others are better for people with high healthcare costs or those approaching retirement Among the multitude of factors to be considered when venturing a move to another state, the most important reasons will vary by the individual. The financial repercussions of moving to another state may be overshadowed by more important reasons for moving such as family or personal happiness, but are still wise to consider.

Tagged as: Consumerism, Expenses, Family, Health, Lifestyle, Personal Finance, Retirement, Tax