When considering a move to another state, most people wonder if they can afford to live in the new location. Housing costs are the first priority when assessing cost of living.
So, how do you find out what is available and how affordable homes are?
Housing Costs
Here's a list of online resources that will help determine home costs, whether you're buying or renting.
- Kiplinger.com: Here's an easy to use database tool that provides housing prices for 379 metropolitan areas across the U.S. The data is divided between single-family homes and condos, with sorting capabilities that include affordability index, state, city and median price. While you're at the site, check out their articles on predictions for 2008 and their best buy section.
- Realtor.org: a thorough site that's kept up to date on a quarterly basis, reflecting home values in over 300 metropolitan areas. While the information is presented in a static format, it's useful for comparing prices between 2005 to the present.
- Rentals.com: It's difficult to find an online resource that allows the user to compare rental rates by state and city. Instead, I suggest Rentals.com. This site allows you to search by state and city to see listings of current rentals. While the site is not exhaustive, it will give you an idea of how much rents are for the place you're thinking of moving to. It also allows you to contact the rental agency if you happen to see a rental you're interested in.
Household Budgets
- Basic Family Budget Calculator: The Economic Policy Institute offers a family budget database by state and city, which includes information on housing, food costs and other household expenditures. While the data suggests the very basic amount needed for a particular family type, it's a good way of determining how costs differ between areas. Again, this is the base requirement - just keep that in mind.
- CNN Money: A great site that offers a very useful tool to compare where you live now, with the location that you're planning on moving to. The database is kept updated, so you can be sure that the information you find is relatively accurate. A good resource to help with your decision.
State Taxes
- Tax Foundation is an organization that provides information on median state taxes on owned homes. Knowing how much tax you'll be paying will also have an impact on your decision to move.
