How to Find a Good Relocation Market
Moving for a more balanced lifestyle or due to remote work? There are some key features to look for in your next housing market.
Maybe you’re looking to change up your lifestyle by moving to a bigger city, or you’ve started working remotely and you’re on the hunt for a more affordable region. Whatever the reason, relocating to a new housing market can be a great financial choice—and one that improves your overall lifestyle.
“Work-life balance is vital, especially when working remotely,” says Amanda Lutz, a writer and Architectural Digest contributor. “Attractive markets for relocation often include affordable living costs, a favorable climate, and access to nature or recreational activities.”
Of course, as with any move, there are certain factors to consider when choosing your next destination.
“Not to sound cliche, but, location, location, location, right?” says Tammy Schotzko, a Realtor with Better Homes and Gardens Real Estate First Choice. “Remote workers looking to relocate need to take time to check in with themselves to determine what activities and amenities they need to create a balanced lifestyle.”
Whatever your reasons for making a big move, these experts have some tips on finding the best relocation market for you.
Why relocate?
The ability to work remotely offers new-found freedom for many of us, but the reasons for picking up and moving your entire life are often bigger than just having the option to do so.
Agent David Harris of Coldwell Banker Warburg says many relocate because they want a better location, career advancement, or personal growth. Some people might also be looking for a drastic improvement in their overall lifestyle and wellbeing, and particular parts of the country can promise that.
“Attractive markets for relocation often include affordable living costs, a favorable climate, and access to nature or recreational activities,” Lutz says. “If consistently nice weather and working outside of the house help people feel more productive, searching for cities with a variety of coworking spaces, public parks, or coffee shops with reliable internet should be at the top of their list when choosing a place to relocate.”
Your family situation also plays a major part in your decision to relocate.
“For employees with children, adding affordable childcare resources and schools with above-average ratings to the list of must-haves will help narrow down their options,” Lutz says. “For individuals who are career-oriented, adequate networking and career growth options are other aspects to research about a potential city. Workers need to consider what is most important to them and use that list to find a place that best suits their needs.”
But Lutz says the most common reason many people move is to find more affordable housing and an overall lower cost of living: “Some ways people can estimate their expenses are by researching the average cost of a city’s taxes, public transportation, groceries, utilities, gas, and lifestyle spending.”
You can also use a cost of living calculator to estimate how your finances will be impacted.
Lutz points out that if saving money is your top priority, consider the time of year when you might make the move, too, as summer tends to be the most expensive time of year to do so, and your money-saving move might net out to no savings if the cost of moving exceeds what you’d save.
Related: What First-Time Homebuyers Need to Know, According to Real Estate Pros
Deciding What You Want from a Relocation Town
As with any move, you’ll want to first get clear on your list of wants and needs in a new location and with a new property, starting with the decision to rent or own.
“First and foremost, do you have the ability to purchase based on your financial situation?” asks Broker Tate Kelly of Coldwell Banker Warburg. “Then, how long do you plan on living in a new city or town?”
If you’re planning to stay long term, buying could make sense. If you aren’t sure, you might want to lean toward renting. Talk to an expert to decide.
“Comparing rental rates to your existing budget can be helpful, as can seeking guidance from a real estate agent to evaluate whether buying a new home aligns with your financial capacity,” Lutz says. “Don’t overlook the diverse expenses tied to relocating, including potential fees like building or homeowners association (HOA) charges and property taxes, when considering a move to a new residence.”
Depending on your decision to rent or own, you can then evaluate each market based on its overall cost of living for your particular situation. Then, it’s time to get super specific.
“Remote workers will need to evaluate a city’s internet connectivity reliability, cost of living, and housing availability before deciding on a place to relocate,” Lutz says. “Knowing the approximate cost of utilities and general expenses in the area will also help people prepare to live within their means.”
Buying a new home hundreds of miles away is complicated. The more honest you are with your real estate agent when looking to buy, the better your experience will be in your new location. Kelly suggests getting super detailed about where you want to live, even if it means wanting something like a nail salon a block away, or a sun-filled office.
“With the magic of the internet and Facetime, you can really get a sense of what is available in the city you’re looking at before ever visiting, but when you make one of your few scouting trips to your new town, you are limited in how many homes you can go see, so you really want to make it count,” Kelly says. “Be as open and detailed as possible with your local agent so they can line up the absolute best choices to fit your needs and not waste time seeing properties that may or may not fit.”
Related: Ready to Move on to Your Next Home? Here’s What Experts Want All Move-Up Buyers to Know
Factors to Consider
Before you make it official, Kelly suggests visiting.
“Schedule multiple trips to the location you’re moving to prior to the actual move,” Kelly says. “You should plan on at least three weekend-long trips to your new city purely for scouting locations and seeing properties. Ideally, this would happen in a one- to two-month span, around five to six months prior to when you actually have to move.”
Doing so will give you a better idea of what it’s like to live in that part of the country for more than a quick getaway.
If you’re jetsetting across the country, consider the distance from friends, family and colleagues.
“Factoring in the local time zone can be critical if coordinating with colleagues in different areas,” Lutz says. “People might want to focus on applying to jobs that will accommodate whichever time frame works best for them to help create a better work-life balance.”
Plus, you’ll want to prioritize the kinds of hobbies and activities you’re drawn to by making sure the new location has enough to offer culturally.
“Choosing a place to live where there are plenty of things they like to do will set workers up for a happier lifestyle in their new city,” Lutz says. “Researching what each potential city has to offer will help people have plenty of things to do that align with their interests and their budget.”
Related: What Does It Mean to Be a Move-Up Buyer?
And be realistic about what you’re after in your new, day-to-day life.
“For example, I live in a rural area in northern Minnesota,” Schotzko says. “Someone who wants to engage in hiking, biking, kayaking, skiing, snowshoeing, etc.—an active outdoor lifestyle—will find it very easy to balance their lifestyle with work and play. Someone who craves a more urban lifestyle probably won’t find all the amenities they need.”
Nervous about any of the details? Start doing your homework.
“Read. Read. Read,” Harris says. “In this day of social media, there’s a blogger or influencer for everything. There’s undoubtedly someone who has already made the move, and they have documented their journey. Connect with them! People love to know their information is helpful, and it’s also a good way to meet a potential friend in the new city.”
Great Relocation Markets
If you’re open to living anywhere in the country, you might want to consider picking a relocation market currently targeting folks in your position.
“During the beginning of the pandemic, certain individuals who transitioned to remote work seized the chance to move away from their usual office settings,” Lutz says. “Some local governments jumped on this trend and created incentives such as grants, tax benefits, and discounted access to cultural sites to entice newcomers to relocate to various regions.”
If you’re considering establishing a new home base, these nine cities are offering financial incentives for you to make the move. Of course, there are more than just nine cities trying to woo remote workers and those with wanderlust.
Schotzko said that the Greater Bemidji region in Minnesota has programs in place to tempt remote workers.
“It's been very fun, as a Realtor, to watch remote workers come to our area to visit, fall in love, and relocate,” she says.
Lists aside, you can also look for a state that is friendly to remote workers.
“In my opinion, one of the biggest key factors to consider when searching for suitable relocation markets that favor remote work is to distinguish between states that impose tax obligations on remote work and those that do not,” Harris says.
Related: When Is It Time to Buy Your Forever Home?
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