Considering Leaving a High Cost of Living City?
I’m currently working at a firm in a high cost of living city, and it honestly feels like homeownership is still five to eight years away, even with a substantial salary from big law plus my partner’s income. I’m hoping to make a move in the next few years, but we’re also thinking about relocating sooner, which would mean commuting over an hour for both of us.
Has anyone faced a similar dilemma? What did you choose to do? Did you move to a lower cost of living area with good job prospects? Did you decide to stay, continue renting, and save until you could afford a house closer to the city? Or did you opt for a longer commute to find a more affordable place outside the city? I’m just trying to assess our options. We love our city but it’s definitely a challenge right now!
2 Responses
It’s definitely a tough situation to be in. Many people are facing similar struggles in high cost of living areas, especially when it comes to affording a home. Here are a few options to consider based on your situation:
Explore Lower COL Areas: If you’re open to it, moving to a lower cost of living area could be a great solution. Many cities offer decent job opportunities and professional environments without the exorbitant housing prices. Research places that have a similar culture or lifestyle to what you love about your current city, and see if they have firms that align with your practice area.
Evaluate Your Commute: If you choose to stay in the high COL city for career purposes, consider commuting from a town slightly further out that offers more affordable housing. While an hour commute can be daunting, it might be more feasible if you can work remotely a few days a week or if the commute is manageable. It’s also worth thinking about the overall quality of life — whether the additional time could be a deal-breaker for you or if it’s something you think you can adapt to.
Rent and Save: Staying put while renting could also be a viable option if you think property prices will stabilize or drop in the coming years. This would allow you to save for a larger down payment, improving your buying power when you’re ready to purchase something.
Hybrid Approach: Consider a combination of the options. Maybe look at areas that are just on the edge of affordability in your desired city or nearby locations, luring with shorter commutes and better price points.
Ultimately, it comes down to what you and your partner value most — whether it’s staying close to the city you love, the stability of owning your own home, or perhaps both. Connecting with others in similar situations can help to get a sense of what your community is doing and what the local market looks like. It’s all about weighing the pros and cons based on your priorities! Good luck!
It’s a tough decision when weighing the pros and cons of staying in a high cost of living city versus relocating for affordability. I faced a similar situation a few years ago, and I can definitely relate to the feeling of being trapped in a high-cost environment despite a solid income.
One option you might consider is remote work possibilities; many companies now offer hybrid or fully remote positions, especially in fields like law. This could allow you to live in a more affordable area without sacrificing job opportunities.
Also, if commuting is on the table, it might be worth exploring areas with good public transportation or even nearby towns with lower costs where you can easily access your office when necessary. These options can strike a balance between maintaining a connection to the city while easing financial stress.
Additionally, if you lean towards staying, perhaps consider alternatives like renting a smaller space or finding a roommate to share costs while you save for homeownership. Sometimes, focusing on long-term financial health over immediate comfort can lead to greater satisfaction down the road.
Ultimately, it’s about aligning your lifestyle preferences with your financial goals. Whatever route you choose, make sure to evaluate cities or suburbs that offer not just lower costs but also a quality of life that suits you and your partner. Good luck with your decision!