The following post is by MPFJ staff writer, Melissa Batai. Melissa is a freelance writer who covers topics ranging from personal finance to business to organics to food. She blogs at Mom’s Plans where she shares her family’s journey to healthier living and paying down debt.
My husband and I have been scraping by on his small post-doc salary and my freelance writing income for 18 months now. We’re deep in the trenches and figure we have another 18 months to go before my husband can finally get the university research job that we’ve both been dreaming of–so he can finally start in his career after more than 10 long years of school and post-doc work, and me, so we can finally have a salary that covers expenses for our family of 5 and offers a little bit extra.
Then, this winter we learned that my husband’s mentor might be moving 16 hours away for a better job, and he asked my husband if he would like to move with him. The next few weeks were a flurry of discussions and calculations. Was moving so far away worthwhile?
If you find yourself, like we did, contemplating a long distance move, there are many variables to consider.
1. How much will you be making?
Will the new job give you more money or less? Don’t automatically assume that a job where you will make less is a deal breaker. If the cost of living in the area is less, you may do just fine with a reduction in salary.
Also be aware that some national companies pay the same rate for a certain position, no matter what area of the country you live in. Your company might pay $50,000 for your position whether you live in Nebraska, where the cost of living is relatively low, or in San Francisco, where earning $50,000 may cause you to live close to the poverty level because the cost of living is so high.
2. What is the chance of job advancement?
Sometimes, taking a lower salary is worthwhile if you have a good chance at job advancement and salary increases in the future. Likewise, taking a job that pays more initially but offers only slight chances of advancement and income increases over the years should be considered carefully. Upward mobility is something most employees are looking for.
3. Could this be a spring board for another (better) job with a different company?
Will the new job give you skills and knowledge that will make you more attractive to other companies? In the academic world, landing your first, tenure-track position job is often the most difficult. Once you land one and prove yourself there, you make your chances of finding another job in a different area and institution better. That is one reason why my husband was considering the move.
Look at your own career field and the potential job in particular. Will relocating and taking the job help you be able to move to a different company and earn more?
4. What is the cost of living comparison?
Another important consideration besides income is the cost of living. CNN Money has a handy cost of living comparison calculator that lets you input your current city and the city you are considering moving to. You enter what your current salary is, and the program will tell you how much you will need to earn equivalent in your new city as well as the percentage price difference in groceries, housing, utilities, transportation and health care.
For example, if you are considering moving from Omaha, Nebraska to San Francisco, CA and you are currently making $50,000, you would need to make $93,118 in San Francisco to experience a similar financial lifestyle because the cost of living is so much higher. (The big shocker–housing is 274% more expensive in San Francisco than Omaha.)
5. Is public transportation available?
We live in the suburbs of Chicago, currently, which enables us to remain a one car family. I have the car all day for running errands and driving the kids to extracurricular activities. My husband takes public transportation. That saves us a great deal of money because we don’t have to have a second car and the loan payments, repairs, maintenance, insurance, gas, and plate registration. We also don’t have to pay for parking downtown, which is expensive.
The town we were considering also has a good public transportation system, so we won’t have to spend more money there. If we were instead considering a town without a good public transportation system, we would have to calculate how much more per month we would have to pay for the luxury of owning two vehicles.
6. How many free things are there to do in the area?
As a family, we like to have fun on the weekends. If we live somewhere with plenty of free and low cost activities, we save a significant amount of money. The town my husband was considering moving to is close to a university, so there are many free and low cost activities.
While this might not initially seem like an important consideration, if you’re looking at living in the new location for several years, you’ll want to be active and engaged in the community. If you have to fork over large amounts of money to do so, your budget will take a hit.
7. How much will it cost to go home?
If you’re close to your immediate and extended family, will the move you’re contemplating take you closer or farther from home? Right now we’re only 3 hours away from extended family and friends, which is a fairly easy car drive, considering traffic. If we move, we’ll be a 17 hour drive away. Since we’re a family of 5, hopping a plane once or twice a year is likely not an option since it will cost too much. How often do we want to make the 17 hour car drive, and how often will friends and family come down to visit us?
If you’re not close to family and friends at home, this isn’t an issue, but if you are, don’t discount the real power of homesickness. Many people take jobs far away and incur expenses such as paying for a long-distance move and selling their homes only to want to return to the area they left in a year or two.
8. How much will the move cost?
Some employers will pay for your move or at least a portion of your move. Others don’t.
While it might seem silly to include the cost of moving in your calculations, it is important. If you’re considering a long distance move as we were, your expenses for moving an entire household can really add up. Using online tools, I estimated our 1,000 mile move would cost us at least $6,000, and that’s after some serious decluttering and selling of worn out furniture that we wouldn’t take along.
If you’re moving a large household, you could easily pay four figures (or more, sometimes) to move your items. Is this something you can pay for? Can you sell everything and furnish your new place with new or used items?
Deciding to make a long distance move is never easy. There are many variables to consider, and some may be in conflict with others. As for my husband and me, we’re still up in the air with our decision, though we’re leaning toward staying put for now.
How about you all? Have you made a long distance move for work? What other variables did you consider? Was your move better for you financially or career-wise?
Share your experiences by commenting below!Â
***Photo courtesy of https://www.flickr.com/photos/86435488@N00/33495908/in/
