The tight job market has more and more people considering relocation. Are you considering relocating for a job?
Whether you’re unemployed and an opportunity arises in a new city, or whether your current employer wants you to relocate, there are a several things you might want to consider first.
Have you been out of work for while and this new job is a virtual lifesaver? If so, you may have no other choice.
Is your company packing up and moving to a new location and your local job market is dry? This may be a good reason to move.
Here are some things to consider before relocating for a job.
Is Relocating Worth Your While?
Fortunately, big moves often mean big money. But, don’t let the numbers fool you.
Just because they’re offering you a salary increase of $20,000 a year doesn’t mean you will realize that increase. A rural to urban move may cause you to merely break even.
You should determine how much of a raise you’d need before you consider moving.
Use a salary calculator to determine how a salary increase will ultimately affect you when you relocate.
You should also consider the cost of living of the city or town where you’re going to relocate. Is the cost of living worth the move, or will it hurt your finances?
Use this cost of living calculator to find out.
What About Your Standard Of Living?
Another very important thing you need to be aware of when determining the cost of living in a new area is your standard of living.
For example, when my family moved from Rochester, New York to New Orleans, Louisiana, we quickly found out that while the cost of living change was hugely in our favor, the standard of living was far less than desired.
While the average quality of living in Rochester meant a 3-bedroom house with 2 baths in a great school district, the average quality of living in New Orleans was a meager shotgun house, in a dangerous neighborhood. This meant that in order to maintain our previous standard of living, we would have to live at a higher level than average — which turned out to be very costly.
For our next major move, we made sure to check out important census information first.
Get a Census Bureau fact sheet on your current community or the one you plan to move to.
What If The Job Doesn’t Work Out?
You need to know what the job market is like in your new location, should you and your company decide to part ways.
Even if it does work out for several years, you still need to know what your chances are of finding a new job in the area in the next 5 to 7 years — which is when most people typically change jobs.
It’s not only important to know about the overall job market, but also what’s the job market for your particular type of job and your salary range in that area? For example, if you’re moving for an executive job with a high salary, then you want to make sure the company has a good severance package before you start packing.
Here are some tips for negotiating a severance before it happens.
More To Think About When Relocating For A Job
In addition to the links I’ve provided above, here are some more great resources for you — should you decide to relocate:
- 20 Questions To Ask Yourself Before You Relocate
- The Best Day Of The Week To Move
- 3 Of The Worst Reasons To Move For A Job
- Should You Move Or Not: Take The Livability Quiz
- The Most Expensive States To Live In
I have been a certified tightwad since I became pregnant with my first child and decided to find a way to stay home with him. I enjoy sharing my experiences in my journey back to financial health and planning for a future — which will include sending 2 kids to college and early retirement.