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HCOL states typically have corresponding high salaries - LCOL and low salaries gets you no where. The only benefit would be bringing a high paying job with you to a LCOL area...most are not capable of pulling this off.
Quote:
Originally Posted by lluvia
It makes a lot of sense if they're moving from a HCOL state to a lower one.
Also, in my experience, the only people really moving now are those with advanced educations and highly in-demand skill sets where a true WFH or even Hybrid work situation doesn't work and employers are demanding in office collaboration.
It makes little sense for those with low/mediocre skills and little education to move some place across the country with the nation's current housing situation - Far better for those folks to move closer to the major metro area in their respective state if they're looking to increase economic prospects.
Florida is a different story and suffers considerable brain drain as college graduates are usually forced to move elsewhere due to lack of suitable jobs and extends to residents, many of whom since the recession/pandemic have been downsized from decent jobs and forced to make do in the predominate service industry here. The recent years where rent inequity is an added issue has seen rental values effectively double with stagnant salaries. Home prices have followed suit with average home prices at around 400K in an area (Orlando metro) where the per capita income is 36K. Do the math, it's not sustainable yet the majority shrug their shoulders and struggle along. This is the lazy I refer to.
Florida is a different story and suffers considerable brain drain as college graduates are usually forced to move elsewhere due to lack of suitable jobs and extends to residents, many of whom since the recession/pandemic have been downsized from decent jobs and forced to make do in the predominate service industry here. The recent years where rent inequity is an added issue has seen rental values effectively double with stagnant salaries. Home prices have followed suit with average home prices at around 400K in an area (Orlando metro) where the per capita income is 36K. Do the math, it's not sustainable yet the majority shrug their shoulders and struggle along. This is the lazy I refer to.
So a person in this situation, let's say they have 2 kids and are paycheck to paycheck. What should they do to combat being so lazy?
So a person in this situation, let's say they have 2 kids and are paycheck to paycheck. What should they do to combat being so lazy?
Look out of state in less expensive, more job appropriate areas. If paycheck to paycheck they qualify for income assistance in most states (beyond FL) as well as federal programs. In FL they're easily paying close to $2000 a month for rental housing and instead of paying the next month, move somewhere else where rental values are 50% or better less. Is it easy? No, but beats the perpetual hamster wheel existence.
Look out of state in less expensive, more job appropriate areas. If paycheck to paycheck they qualify for income assistance in most states (beyond FL) as well as federal programs. In FL they're easily paying close to $2000 a month for rental housing and instead of paying the next month, move somewhere else where rental values are 50% or better less. Is it easy? No, but beats the perpetual hamster wheel existence.
How do they save money to move? There is no disposable income.
How do they save money to move? There is no disposable income.
You can't save. Instead of paying the sky-high rent you utilize those funds to move someplace else where rent is much less. I know, I'm in process of doing it myself on a very modest fixed income. There's also the premise with dependents of receiving a sizable income tax refund. That would be an opportune time.
Ahhhh ok - This is more along the lines of the logic I agree with. I'm a product of Florida's K-12 and SUS State University System and there have been times where I've looked to other states for career progression and opportunities...brain drain is a real thing; Although, I must admit Florida has gotten significantly better in that regard.
Being in tech, I've done several final round interviews in Seattle, California, Atlanta etc, but remote work has changed that need greatly - If one acquires the skills, I personally don't think it's necessary to leave Florida to earn a decent six figure salary anymore. In fact I think it's totally achievable for a new college grad to break the $100k mark after 4 yrs post grad experience (possibly even 3 yrs for high performers) if one moves strategically.
Best advice I can give young people is if you see a ton of people running one way, you should highly consider running the opposite way...why? Simple, most are looking for the path of least resistance and that path is typically low paying.
Quote:
Originally Posted by kyle19125
Florida is a different story and suffers considerable brain drain as college graduates are usually forced to move elsewhere due to lack of suitable jobs and extends to residents, many of whom since the recession/pandemic have been downsized from decent jobs and forced to make do in the predominate service industry here. The recent years where rent inequity is an added issue has seen rental values effectively double with stagnant salaries. Home prices have followed suit with average home prices at around 400K in an area (Orlando metro) where the per capita income is 36K. Do the math, it's not sustainable yet the majority shrug their shoulders and struggle along. This is the lazy I refer to.
You can't save. Instead of paying the sky-high rent you utilize those funds to move someplace else where rent is much less. I know, I'm in process of doing it myself on a very modest fixed income. There's also the premise with dependents of receiving a sizable income tax refund. That would be an opportune time.
What funds? There are no funds if you're living paycheck to paycheck. I'm wondering what you consider to be very modest.
Low income families living in a HCOL area could have used the stimmy checks to relocate to a more affordable location but they didn't because they got comfortable with the extra cash flow and lazy.
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