AgentMarkets & Economy

3 economic variables to consider before relocating

Study finds moderate-income families face surprisingly higher cost burdens in key metros

Suppose you are a teacher living in Tampa, Fla., but get a job offer in Philadelphia that will include a higher salary. Being very diligent, you consider whether the workplace opportunities are better in the new city than the old, and whether your personal interests are amenable to the cultural and lifestyle changes you would be making. Although you are going to be getting a salary boost, the one thing you are probably not considering is whether Philadelphia is economically a better place to live than Tampa. Most of us assume the costs of residing in one city are probably similar to that of another. After all, once you get past the cost of renting or buying a house, all other expenses are probably equal. Jeffrey Lubell, executive director of the Center for Housing Policy, would like to dispel you of such notions. I had given Lubell a call after coming across a study he wrote, "Losing Ground: The Struggle of Moderate-Income Households to Afford the Rising Costs of ...