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When you're 65, there's an enormous advantage to having lived in a high cost of living region of the country. Your pay was much higher so you likely have a much bigger Social Security check. You probably saved more in your 401(k). You're sitting in a big pile of home equity. When you stop working, you can always move to a lower cost of living place.
I was pretty desperate to get out of my parents' place but couldn't get a job that paid enough to do so, until an opportunity came along. Might not be what you need, but I'll PM you.
IMO the best thing to do is live with your parents if you can. Save all the money you'd be throwing away @ rent and in a few years you'll have a good savings to buy something if you want.
Many people want to move out right away and get suckered into a lifetime of renting.
There is nothing wrong with renting, but it seems like a waste. You're paying someone else's mortgage when you could be paying your own.
IMO the best thing to do is live with your parents if you can. Save all the money you'd be throwing away @ rent and in a few years you'll have a good savings to buy something if you want.
Many people want to move out right away and get suckered into a lifetime of renting.
There is nothing wrong with renting, but it seems like a waste. You're paying someone else's mortgage when you could be paying your own.
The savings benefits are real --- but if you're living with your parents during your 20s, there's so much youth you're missing out on, and you only get to be young once.
(Also: not having your parents around to support you and make decisions for you is good for developing life skills and figuring out what kind of life you want. In theory, you can just live in your parents' basement and be basically your own person, but it seems like this is rare.)
Move to a big city with a very low unemployment rate. My suggestion would be Boston which at 2.6% unemployment is a full percent below the national average. When the rate dips below 3% employers in all but the most specialized fields typically have issues filling entry level positions with desirable candidates. Is Boston considered expensive? Yes, but as arguably the nation's biggest college town (Harvard, Boston College, Boston U, Northeastern U, Tufts and several others) finding shared and affordable living space is a breeze and often a great way to network for jobs via roommate/new friend acquaintances. Bear in mind as well that "expensive" cities have significantly higher salaries so conceivably in a shared living situation you could find yourself able to put aside some savings versus living paycheck to paycheck.
Totally disagree on Boston. Having gone to school there, and worked there to begin with, even with a great resume it was extremely competitive with all the schools dumping grads into the workplace. Boston is the third most expensive rental city in the U.S., and has an older housing stock that sometimes is way expensive for what you get. I lived in a small apt. in Beacon Hill with floors so slanted you could sled, and the rent was pretty outrageous for what you got.
Location: Miami (prev. NY, Atlanta, SF, OC and San Diego)
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I'm confused. Why are you putting the cart before the horse? If you have given up on mailing out your resume, what makes you think you will be more employable in a completely new city?...what are your finances like that will cover your living expenses in this new city?
I personally would never move to a new city without a job already lined up. Besides interviewing with recruiters that came to campus I was a machine and mailed out my resume with cover letter to 60 or more companies. Fortunately, one of these landed on the desk of an alumni from my alma mater and I landed my first job--more than 2500 miles away from where I was living at the time. There is no chance in hell I would have moved to California without a job lined up nor would I ever quit a job without another offer / job in hand. You have many more vehicles in place than I had in my day, such as Linkedin, that make applying easier (finding fellow alums whom you can directly contact, etc) and more of a rifle v. shotgun approach. Good luck and use some structure and discipline in your search.
The savings benefits are real --- but if you're living with your parents during your 20s, there's so much youth you're missing out on, and you only get to be young once.
(Also: not having your parents around to support you and make decisions for you is good for developing life skills and figuring out what kind of life you want. In theory, you can just live in your parents' basement and be basically your own person, but it seems like this is rare.)
Missing out on what?
I did it til I was 26. Bought my first house @ 26. Traveled. Paid my own bills. Had a job. Helped with groceries. Did my own laundry. Helped with cooking. Helped with cleaning.
I would wager you miss out on more when you move out. How many 22/23 y/o move out and have money to do whatever they want and buy whatever they want? Most are likely barely saving anything and don't have a lot of disposable income after rent is paid.
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