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The coronavirus pandemic has driven people to and from major cities, forced many to work from home and prompted yet others to reconsider their life goals.
For some, that may mean moving to a new city.
In deciding where to live next, there are certain things that young professionals should consider, according to Brian Carberry, senior managing editor of Rent.com. These include things such as demographics, job opportunities, availability of activities outside of work and how much of your income will go towards rent.
Weighing these factors, Rent.com compiled a list of the top 10 cities that young people should consider. Higher scores for demographics, economics and recreation mean more young people, potential jobs and things to do.
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“A lot of the areas have, aside from work opportunities, a lot of things going on,” said Carberry. Some larger cities on the list, such as Boston and San Francisco, have always been popular, he added.
But others, like Madison, Wisconsin, are more up-and-coming.
“There are smaller areas that are going to become more popular, as well, because the current state of the pandemic and the workforce,” he said.
Here’s the list:
Money moves before relocating
There are a few key financial considerations to make before moving, according to Roger Ma, a New York-based certified financial planner, founder of Lifelaidout and author of the book, “Work Your Money, Not Your Life: How to Balance Your Career and Personal Finances to Get What You Want.”
First, consider whether your salary will be adjusted if you’re thinking of relocating with your current company, said Ma. While that might not keep you from the move, it’s good to know.
Then, look at what you’ll be making and the cost of living in the area. Determine how much you’ll reasonably spend on housing, either renting or owning, as well as utilities, food and other essentials. If you’re moving to a state with a very different tax structure – such as from a high income-tax state to one with no income tax– you should also consider how that will affect your budget.
“If you’re in one of the largest cities like San Francisco or New York and you move to Austin, your housing costs might be significantly less,” he said. But, on the flipside, things such as your heating, electric, water and gas bill may increase, he added. If you buy a house, you’re also on the hook for repairs and maintenance. You may also need to purchase a car, another added expense.
“Once you’ve got the financial aspect, the larger question is why do you want to move?” he said. In some cases, there may be a personal aspect such as having friends or family in the area that outweigh financial gains.
He also recommended that people consider job opportunities in the area they’re moving to, even if they are currently employed.
“Maybe your company allows you to move with your current job right now, but what about your next job?” he said. “Are there going to be opportunities in that area that value your skillset?”
Pandemic aside
Of course, the pandemic has changed the requirement for many workers to be physically present in the offices and even cities where their jobs are based.
However, as the coronavirus pandemic continues into a third year, young professionals may still want to consider carefully where they are laying down roots. Even if they have a remote job, it may be worth it to live in a larger city with more opportunities than, say, moving back home or to a more rural area.
“There’s still going to be a desire for people who want to live in places where there are more job opportunities and that really does come with a lot of these larger cities, even if you’re able to work remotely,” said Carberry.
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