Bid farewell to Massachusetts?
Today, I came, I saw, I chatted. The busy beavers on the editing end will post the link, in full, sometime soon.
Marcel asked a question that is on the minds of many, many people. I repost his question here, with some ideas about how to sort an answer for yourself.
Do you have advice for Marcel? Did you leave Massachusetts for cheaper housing? Are you happy? Or did you stay despite our over-inflated market. Are you happy?
[Comment From Marcel] Hello. My wife and me is thinking of chunking the deuce on Mass because home prices is so high. We are thinking of moving to an area where housing is less expensive, so we can buying. If we could buying a house in another state now (closer to families), would it make more financial sense for us to buy or keep renting until we can afford a home in Massachusetts.? Thx.
If you are thinking of “chunking the deuce on Mass” (I never heard that before, but we all know what he means) these are the things that I think you should consider.
You need to compare a number of factors to make a decision that you won’t regret five or ten or twenty years from now.
Employment and income:
What is the future of your job prospects, career opportunities, and educational opportunities in Massachusetts and in the other state?
Will you find yourself making a lower income elsewhere? Will that balance the lower housing cost, or are you just stepping away from inflation without getting more economic freedom? Will your career be dead-ended elsewhere, lowering your lifetime income?
Lifestyle:
Will you be happier living near family?
What are features of both places and which suit you better? Think about weather, recreational and social activity, cultural activity (theater, sports, music, parks, museums.)
Is there housing stock at a reasonable commute to work in either place, or will you get a much better place in the same commuting zone (or even a shorter one) outside of Massachusetts?
Long-term economic health of the area:
You know I won’t make predictions, but there is a lot of data to be had about regional economic long-term health. You need to make a decision about whether you think an area will have work for you and for the people who will buy your house, eventually.
I have some real-life examples of this decision:
P. was a former social worker when she worked with me as a buyer’s agent for about three years. After she bought out her ex on their two-family house, she sold and moved to Florida. Now she owns a condo with the love of her life and has an investment condo. She is back to working in social work. It’s an economic gain for her, since housing is lower and her income goes farther. But, they rent a place in Massachusetts every summer because they miss us terribly. They cannot afford to return.
Client of mine, a couple with a young son, moved to Massachusetts from Florida. I saw them this Groundhog’s Day; I was a little afraid to ask if they were still happy with the move, given the snow this winter. Their answer was clear, “Every time we go home (to Florida), we are more sure that we belong in Massachusetts.”
I know we’ll be hearing from Boston Charles. How about you? Are there happy refugees from Massachusetts inflation?
