I know this question might seem silly, but the literature I've reviewed has been too vague, so hopefully somebody can share their advice or knowledge.
I am relocating with my company during the third or fourth quarter of this year, relocation expenses covered. I will be relocating with my spouse (we are late 20s / early 30s, no college) from a state right by NYC down to a state in the south with low taxes and lots of tourists coming in from out of state, tourism is almost year-round. We don't own any property other than a 2017 vehicle with 4 years of payments remaining, vehicle purchased in the expensive state.
I have been reviewing rent costs, grocery prices, and I've done some light checking on utilities costs. However the savings in comparison to what I pay now seem negligible or almost non-existent. This has left me surprised when considering that the consensus appears to say that these savings are supposed to be substantial. Many employees have actually had pay cuts when they've reviewed their relocation offers, justified by this reduced cost of living, and I was fortunate enough to receive a pay raise.
I see property in this new state is much cheaper, including a substantilly lower property tax. However if I don't plan to buy a home in the new state right away, does that mean I am going to miss out on the only possible savings?
My plan is to sign a one year lease in an apartment as soon as I move, and then my spouse and I will look to save up $10 - 15k for down payment on a house just before we start a family. Although I could probably scrounge the money up right now, I am reluctant to buy a house without spending at least a few months locally to learn the area firsthand and get a deeper understanding of what to look out for beyond the crime rates and education data found online.
Any knowledge or advice related to anything above that you might be willing to share would be appreciated, even if you don't know much about the specific concerns I've outlined and only suggest that I ask certain questions now before I begin the moving process. I want to be careful and make the most of this once in a lifetime opportunity. Thank you in advance!
Submitted February 12, 2018 at 09:53AM by twomillcities http://ift.tt/2EjvdY0
