Any of you relocated to lower cost cities?
Any of you relocated to lower cost cities? I'm getting older and thinking more about buying a home for starting a family, but living in the SF metro area is expensive everywhere. When i first started working about 5 years ago, I thought I'd be able to get around to owning and expected prices to somewhat fall but that never happened. The house my parents bought a little less than 20 years was around $660k for a 2200 square foot 4 bedroom house. It's an hour outside of the city and would sell for $1.2 million. I'll add it'd still need a renovation though.
Any of you move to lower COL areas like Atlanta, Dallas, Charlotte, or somewhere in Florida from places like SF, NY or LA? TX and FL seem to have a good mix of affordability and city living, but I don't know if the job market can be strong enough, or offer enough of the right opportunities.
I'm curious are prices in NYC suburbs like this too? Boston? DC? I know prices in LA are still high but they seem to hurt less for a slightly better quality of living.
Contrarian here, looking to do the opposite. I’m interviewing with some large firms today with the plan of moving to a HCOL area once COVID ends, though that looks to be ever further away.
My thought is that this is a great time to capitalize on what is ideally a slightly less competitive recruiting cycle for major NY/SF firms as people relocate, and then I can spend some time building out my resume at a large shop while rent hopefully remains depressed over the next few years, at which point I can reevaluate where I want to be permanently
This is what I'm thinking of too, but basically HCOL to HCOL.
looking for different opportunities not available in your current city?
OP here. I agree, it's a good idea to hop in while rent is low. Rates are nothing like they were even compared to a few years ago. Hopefully, you can plan things well where you can be in before things reopen and more people return, effectively beating the rise in rental rates.
Rent when i first started working did not stop going up and up, but now I appreciate space more and don't want to waste money on rent anymore.
I did the opposite - relocated from the Southeast to a "Tier 1" city. The Southeast was a great place to live from a QOL perspective, but I'd be moreso looking to move there once I'm ready to settle into the family life/coast in my career. I saved a ton of money in my 20s by living in the South, but the brief taste of big city life I got pre-Corona was enough to make me willing to pay the premium to live in a more expensive city short-term. I think the long-term play would be to move to Texas in my late-30s by 40, but, savings aside, I think there were significant upgrades to my personal/dating life by being in a major metro.
Yep. I keep going in the opposite direction. Every city I live in is more expensive than the last.
lmao, MS for "inaccurate". People are really salty here.
What did you like so much about it?
By "it" I assume you mean the Southeast? It's not so much anything wrong with the South per se. Like I said, the QOL is quite high versus how much you pay to get those amenities. I'm not somebody who cares about "unlimited" dining options, bars/nightlife, etc. that much, so in a lot of ways, the South suffices my needs. I just personally wanted to be around more Type-A folks in general and also single, female professionals. That's not to say there aren't Type-A, super accomplished folks down South or that there's no successful women - it's mostly that they're in smaller quantity than they are in Northern cities and people also tend to settle down sooner. It wasn't uncommon at all for the people at my consulting firm even for the guys to either be married or in "about-to-pop-the-question" type of relationships, so I stick out like a sore thumb as a late-20s/early-30s professional that's still single. I'd be more than happy to move to an Atlanta, Dallas, or something like that when I'm in my late-30s/turn 40, but I'm not ready to really settle for at least 4-5 more years, so it wasn't the right place at that time for me.
BB LevFin NY office. We're WFH till next summer so I moved out of the city 5 months ago. CoL is down 70%!
When was last you heard from them re going back to office and what was the language like? Feel free to omit whatever obviously.
We get weekly update emails from the COO's office as well as from our HQ biz supprt/operations teams. They have informed us, many months ago, that we will be WFH till end of April for sure with the possibility of extending till end of August. Last week they talked a lot about the upcoming flu season and that we're nowhere near the end of this. So I think it's safe to live outside NYC at least for another 6 months.
70 percent? That's huge. What city do you live in now?
Pennsylvania
Living the dream then. Not being sarccastic either. Stack that paper.
Have a nice, fairly new house that I recently bought for ~$135/sq ft in the suburbs of a tier 2 city. It's great if you don't mind a slower pace.
For $1.2 million here, you could live 40 minutes outside downtown and get a very nice ~6k sq ft home and a massive yard, or be 10-15 minutes out in the most exclusive neighborhoods and still live in a very nice 3-4k sq ft house.
Do you mind sharing the city or at least region since you're anonymous
From NYC and will be joining a west coast city for work post grad. NYC prices are variable atm. Apartments and rents are obviously down with some major price cuts in Manhattan. On the contrary, friends in Queens and Brooklyn have said that house prices have actually also gone down a bit in some "suburban" neighborhoods in those boroughs like Bayside and Whitestone in Queens and Dyker Heights, Cobble Hill etc in Brooklyn and a lot of people have been moving in. My guess is that a lot of senior people who lived in Manhattan are making a choice to switch to more spacious homes while still staying within city limits. My parents who have lived in Manhattan for the last thirty years are considering moving out to Whitestone as well due to some of the attractive home prices and to get more space. Obv, Whitestone is no Texas, but to able to get a 5bd+, 4000+ sqft home for less than 4 mill where they normally go for 5mil+ in a very nice neighborhood that is less than 30 minutes away from Manhattan while still being inside Queens is still a catch. I personally wanted to try something different after living in NYC all my life, but I do not intend to stay in the west coast. Plan is go for a couple of years and come back to NYC and live the rest of my life in the boroughs, love this place too much.
5bd+ and 5k sqft in that area of queens for less than $2mm is going to be hard if not impossible.
2-34 148th St, Whitestone, NY 11357 | MLS #4503285 | Zillow
150-12 21st Ave, Whitestone, NY 11357 | MLS #3239898 | Zillow
14943 17th Ave, Whitestone, NY 11357 | MLS #3240029 | Zillow
The last one is 1750 sqft
These are all more than 5k sqft
602 158th St, Flushing, NY 11357 | MLS #3040190 | Zillow
32 Boulevard, Malba, NY 11357 | MLS #3254581 | Zillow
3 Point Cres, Malba, NY 11357 | MLS #3082485 | Zillow
sorry double checked with my references and edited it. My estimates were based of family, friends, and acquaintances who have made a similar move so not pinpoint accurate
Live in nyc (tribeca) and am considering a month-long move (while keeping my lease) to Tulum or the likes in Feb. I think this time is a good opportunity to just check out living abroad in the same time-zone, at least for me, but tough to justify moving permanently elsewhere given the potential for work to begin resuming in-office next fall/winter.
Tulum is 100% a go
Yeah? I've been to Playa del Carmen and looks like Tulum is just south but apparently less crowded (for now). Heard great things
I went from the south to SoCal then DC then NYC then back to the south and looking to go to LA next, then back to NYC. I prefer high COL cities. I like the activity. I'm go go go - 24/7 as well - just like many big cities.
Might want to think twice about LA. It's gone downhill quite a bit in the past couple years, and the slide is only accelerating.
Yeah I would also be down to move to North County San Diego up to Orange County. My sister lives in San Clemente so would be cool to be close.
Yes moved 3 years ago and I cant fucking wait to move back to the middle of a decent sized city. Moved far too young lmao cant play the field out here without getting into dangerous jailtime territory
I made the move out of CA about 10 years ago even before I was in banking/finance. There is nothing better than living in a zero-income-tax state and I would highly recommend it. I won't comment on the housing market because it's just all over the place right now, but I think there are few ways you can wrong by choosing to leave CA
I lived with my parents in Poland for 3 months. It was awesome, saved a lot of money on food and enjoyed the countryside. I was even able to travel to Rome for a week before everything shut down in Europe again. However, the internet was shitty and I was bored and decided to come back.
My biggest regret was not giving anyone the keys to my apartment to check up on it from time to time. Cockroaches took over my bathroom and my toilet drained after lack of use which allowed pests to get inside through an additional pipe (yes I cleaned my apartment before leaving to avoid this very problem). The first second I opened my apartment door the stench that came out was something memorable. Spent my first day back cleaning the bathroom until 2-3am, and 1-2 days to clean everything with bleach. I strongly recommend people to tip their super and have them perform basic maintenance or else you'll have my problem.
Dude that's so disgusting
we are all WFH until 2021. management will give us more options in spring 21, expecting to be classified into "groups" that are required to be in "city status", "comms status" or "service status".
city= required to be f2f in city, facing management and/or clients
comms= required to be in the same time zone as city/region, but free to move out of city
service= required to work flexible hours with 4 overlapping city hours, can live anywhere in the country/market
these are "working titles", this will be polished by our internal PR/comms team
edit: should have said that almost nobody in our firm qualifies for early vaccination. so we are all at the tail end of any vaccination program, could be summer/fall 21.
You sure about that? A lot of states classify banking as one of the critical infrastructure systems and are ranking them pretty highly in the tiers. In my particular state, bank workers are in Tier 2 right behind doctors and the elderly but ahead of people with compromised immune systems or other co-morbidities. Judging by what they published, I think I can get vaccinated as early as late January. So I would check into what your state actually says about your employment.
This is valuable input, thanks for this! I will check the latest publications.
The real move is move further outside of the city. Lengthens your commute but home prices are far less inflated. Luxury real estate is priced the same outside the small circle of low commute times—NYC could look at south Westchester county for example.
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