Economic Factors to Consider when Relocating

Whether you are thinking about leaving your Magnolia TX home because of employment, health, a desire for a change of scenery, retirement, etc., a move to a new location is not to be undertaken lightly and requires research on your part to be successful.  While most moving truckpotential transplants are aware of the need to check out housing costs, air quality, job market prospects, available health care, specific amenities, and school ratings, not all fully comprehend the economic impact relocation may have on their lives.

Areas worth investigating:

  • Moving expenses:  Inquire about an employee relocation package which covers all or part of the costs of your move.  Even if your new employer doesn’t offer any financial assistance, you might be eligible for partial reimbursement at tax time, which can definitely ease some of your financial stress. (Click here to see which expenses qualify.)  Remember to include the cost of your travel from your Magnolia TX home, lodging, and food in addition to the cost of moving your possessions as you calculate expenses.  (Take advantage of sites such as Upack.com or Moving Guru.com to assist you.)
  • Job market:  While you may have secured a well-paying job, what are the prospects for your spouse?  What is the salary range for that field?
  • Transportation:  What is the cost of public transportation, fuel, tolls, and parking?  Will you require a second car?  What is the personal property tax rate for autos in your new location?
  • Municipal fees:  Are there additional costs particular to your new municipality?  What is the average rate of utilities?  Are parks, playgrounds, and museums free?  Contact the Chamber of Commerce in your new city for this type of information.
  • Overall cost of living:  Since you will need to compare the average cost of living you had in your Magnolia TX home with that of your new surroundings, you will want to take advantage of sites such as Best Places for actual facts and figures related to food, housing, utilities, transportation, health costs, and salaries in each location.  For even more detailed information about these categories, you can’t go wrong with that supplied by Numbeo.com.