But it’s not quite as central to the question as it once was. Employment OpportunitiesĮmployment opportunity remains a crucial and often decisive factor in decisions around where to live. Alabama has the lowest state-local tax burden, followed by Tennessee, Arizona, South Carolina, and Oklahoma.įortunately, most states provide property tax credits or homestead exemptions to provide homeowners with some additional tax relief. The latest report, using data from fiscal year 2017, identifies the District of Columbia as the highest-tax jurisdiction in the United States, followed by New York, New Jersey, Connecticut, North Dakota, and Hawaii. It calculates what taxpayers in all 50 states and the District of Columbia pay in state and local taxes.
To quantify that impact at your next address, look to the Tax Foundation’s state-local tax burden report. Multiple levies - such as property taxes, school taxes, gasoline taxes, and business taxes and fees - may affect your bottom line to a greater or lesser extent. Nine states waive income taxes on most or all sources of income: Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming.īut sales and income taxes aren’t the only types of taxes you should scrutinize. For example, five states don’t charge sales taxes: Alaska, Delaware, Montana, New Hampshire, and Oregon. It’s impossible to escape taxes entirely, but moving to the right place can trim your overall tax burden. Moving from a smaller manufacturing town in the industrial Midwest to a major metropolitan area with a predominantly service-based economy effectively cut my pay - which didn’t change, thanks to a location-independent job - by 20%, due mainly to higher housing and transportation costs.Ĭurious how far your salary might go in a new place? Use BestPlaces’ cost of living calculator to get a rough estimate. I’ve never lived in a truly unaffordable place, but I’ve seen firsthand that seemingly minor changes in the cost of living can add up. The less you need to spend to get by in good health, the more affordable your chosen home. In this context, “affordability” encompasses the total cost of living - not just housing costs, but expenditures like utilities, groceries, transportation, durable goods, and health care. That’s where affordability, arguably the most critical factor for people who are moving, comes in. Still, most of us would prefer to have more money to spend and save - or at the very least, some breathing room in our budget. Another 27% define wealth as a function of quality of life rather than finances. According to a 2020 study commissioned by Money Crashers, more than 25% of Americans equate wealth with financial security, regardless of income. For $79 (or just $1.52 per week), join more than 1 million members and don't miss their upcoming stock picks. Motley Fool Stock Advisor recommendations have an average return of 618%. Companies like Remote Year will help set you up with a place to live, your own workspace, and different experiences within the country you choose.
Pro Tip: Does your job allow you to work remotely? If so, you could work from anywhere in the world. But they can still dramatically impact your quality of life and overall well-being in the long run. Others, like food choice and climate, might seem less important next to dollars-and-cents issues like where you’ll draw your paycheck and how far it’ll take you. Some, like affordability and employment opportunities, are obvious and near-universal in their applicability. Naturally, this choice involves a lot of considerations - more than a dozen in all. Things to Consider When Choosing a Place to Live
Whether you’re a location-independent professional picking from the best places to live and work remotely or just looking for the ideal community within commuting distance of your job, this important decision will set your life’s course for years to come. One thing you definitely don’t want to second-guess is where you choose to relocate. Few endeavors demand as many rapid-fire decisions - or invite as much second-guessing. It’s that much more intense when you’re up against a deadline, like your first day at a new job or the start of the school year.
Relocating is an overwhelming prospect, even when the move is entirely voluntary.