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Don’t Accept a Job Offer in a New City Unless You Do This!

Even if you’re getting a better title or job description, it may simply not add up financially to a promotion in real terms when you calculate housing costs.

Photo of a home in Appleton WI where housing is affordable

Source: Trulia (https://www.trulia.com/p/wi/appleton/n399-red-tail-ln-appleton-wi-54915–2191255800)

This is what $235,000 buys you in Jersey City:

Photo of condo in Jersey City.

 

 Source: Trulia (https://www.trulia.com/p/nj/jersey-city/169-randolph-ave-jersey-city-nj-07305–2006397262)

Here’s a shocking fact: 

In LA, single-family homes easily cost upwards of two million dollars in good neighborhoods. In San Francisco? For $235,000, you may only get a very depressing mold and mildew infested condo (maybe not even that).

Here’s what I recommend you do before you sign the contract to move bag and baggage to a new city:

  1. Go to Trulia, Realtor.com or Zillow and enter your budget for a home. If you’re renting, check rental websites.
  2. Make sure you find a comparable home to the one you’re in right now.
  3. Compare apples-to-apples what the cost of mortgage/rent is going to be in your new city.
  4. Then decide if the job offer is sufficient to cover your costs.

BONUS TIP: Speak to a local realtor or friends (ask on Facebook) which neighborhoods are good, and which school districts are good. This will affect your resale value.

Rent/Mortgage is typically the biggest chunk of your paycheck so it’s important to do this calculation first.

I know it’s easy to get excited about a fancy title or a brand name company but if you don’t like your home, you may regret your decision later.

Let me know how your research goes: 

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