Moving back to NE from the South (Boston, Somerville: crimes, credit)

[WestieWhitie]

Originally Posted by msRB311

For some that might be the reason they move to a lower cost of living area - so they can afford nicer cars and vacations.

Makes sense - given the current absolutely insane real estate prices a nice house in a top tier town can easily eat up a $200K paycheck.

[m378]

Originally Posted by msRB311

For some that might be the reason they move to a lower cost of living area - so they can afford nicer cars and vacations.

And those are the people that end up moving back (and financially having trouble doing so).

[lair8]

Originally Posted by msRB311

For some that might be the reason they move to a lower cost of living area - so they can afford nicer cars and vacations.

I'd rather drive a Toyota Corolla (which is a great car btw) in Massachusetts than a Mercedes in North Carolina.

[m378]

Originally Posted by lair8

I'd rather drive a Toyota Corolla (which is a great car btw) in Massachusetts than a Mercedes in North Carolina.

Id rather drive a Toyota Corolla in NC.

[simplexsimon]

Originally Posted by m378

That and if you own real estate in Boston, you’re going to gain more equity than real estate in Raleigh (although Raleigh is catching up). So while you may not immediately realize those gains, it will be in your net worth should you choose to someday retire to a lower COL area.

Most people that move to a lower COL area don't save more money, because they end up spending more money. So instead of that money sitting in equity in real estate, it goes to things like cars, vacations, etc.

Are the majority of people who move out of state strictly for lower cost of living reasons already homeowners in the more expensive area? I would've thought they're mainly renters since they cannot get over the obstacle of having enough of a down payment for a house and their budgets are tightening with increases in rent.

[newenglandgal123]

Originally Posted by simplexsimon

Are the majority of people who move out of state strictly for lower cost of living reasons already homeowners in the more expensive area? I would've thought they're mainly renters since they cannot get over the obstacle of having enough of a down payment for a house and their budgets are tightening with increases in rent.

Possibly a mix of the two. Some are probably homeowners who just can't afford to upgrade from their starter home in MA but can get a nicer/bigger home in a lower COL area.

[newenglandgal123]

Originally Posted by lair8

I'd rather drive a Toyota Corolla (which is a great car btw) in Massachusetts than a Mercedes in North Carolina.

I can see why a Corolla would appeal to the masses for economical reasons, however, to say it's a great car is up for debate. lol

[m378]

Originally Posted by simplexsimon

Are the majority of people who move out of state strictly for lower cost of living reasons already homeowners in the more expensive area? I would've thought they're mainly renters since they cannot get over the obstacle of having enough of a down payment for a house and their budgets are tightening with increases in rent.

I’m not sure. We were already homeowners. I was sitting in traffic for about 2 hours a day, and it really started wearing on me when we had kids. Then the winter of 2015 happened, and I’d come home every day and spend an hour on the roof chipping away at ice dams. That was when we said “what are we doing here “, and decided it was time.

Cost of living was on the list but it wasn’t high up. We’d never leave family and friends just for cost of living.

[jayrandom]

Originally Posted by newenglandgal123

I can see why a Corolla would appeal to the masses for economical reasons, however, to say it's a great car is up for debate. lol

If there's going to be a debate, sign me up for team "it's a great car". It's the world's best selling car, is affordable, and is insanely reliable. They are best in class at what they are designed to do, which in my mind makes them "great".

Originally Posted by lair8

I'd rather drive a Toyota Corolla (which is a great car btw) in Massachusetts than a Mercedes in North Carolina.

While I agree, I think this is a bit of "avocado toast fallacy". Most people aren't unable to afford Massachusetts because they're driving a Mercedes instead of a Toyota. The Raleigh area average home price is $475k, metro Boston is about $800k. Sure, every little bit makes a dent. I'd guess most of that savings goes towards a nicer house in a more central location.

[newenglandgal123]

Originally Posted by jayrandom

If there's going to be a debate, sign me up for team "it's a great car". It's the world's best selling car, is affordable, and is insanely reliable. They are best in class at what they are designed to do, which in my mind makes them "great".



While I agree, I think this is a bit of "avocado toast fallacy". Most people aren't unable to afford Massachusetts because they're driving a Mercedes instead of a Toyota. The Raleigh area average home price is $475k, metro Boston is about $800k. Sure, every little bit makes a dent. I'd guess most of that savings goes towards a nicer house in a more central location.

All what you said is true re Corollas but I'd beg to argue that it doesn't come close to the seat comfort of the Volvos and certain Mercedes models. Also, I'll say it again but a Corolla or similar vehicle isn't going to do much for you in a serious crash. I'll personally pay up for the safety ratings of another vehicle.