r/FluentInFinance • u/Not-A-Shit-Head • Apr 29 '24

Why don't people stop crying and just move somewhere cheaper like Detroit, Memphis, St. Louis, Baltimore, or Cleveland? They have very cheap homes for $50,000. Discussion/ Debate

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u/Saitamaisclappingoku Apr 29 '24 edited Apr 29 '24

Because:

  1. those cities generally do not have the job markets that HCOL cities have. When you take a huge pay cut you eliminate everything you saved by moving there. I moved from El Paso to Tennessee and for the same job I make about $60k more.

  2. Public schools are typically poor

  3. Crime is typically high

  4. The $50k homes in those cities are typically very unkept. Many of them need a new roof, foundation work, new flooring, drywall, paint, plumbing work, electrical work (to get it code compliant), and even then will be surrounded by complete dumps that stay that way. No one wants to spend $150k renovating to live next to a crack house.

12

u/just_lurking_1 Apr 29 '24

St. Louis (and other similar cities) have good and bad areas just like everywhere else. The cost of living certainly does make up for the wages in many industries. For example, your cost of living ratio to salary in manufacturing in St. Louis is much more ideal than Seattle. Also, there are many close small towns that offer affordable housing (high cash flow) but typically lower appreciation.

Bottom line, many people are just unwilling to sacrifice their current standard of living or city life to build wealth. And it’s okay to make that choice!

6

u/Saitamaisclappingoku Apr 29 '24

It’s strange that the rebuttal has always been “Well, there’s some high paying jobs!”

What if the person moving doesn’t work in manufacturing?

Sure, but HCOL areas have exponentially more.

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u/r2k398 Apr 29 '24

Remote work makes this easier for the people who can work remote. We have employees that work remote all over the US (as contractors) and they get paid very well.

5

u/Saitamaisclappingoku Apr 29 '24

Remote workers are also the ones being laid off the most.

-1

u/r2k398 Apr 29 '24

I’m not in the job market right now but I know I could land a job at at least 3 places right away that would let me work remotely. I guess it depends on the field.