Moving to a more affordable area might just be the fresh start you need to improve your financial situation. Some markets are definitely easier on the wallet than others, so it’s essential to partner with a reliable real estate agent to help you find a place that fits your budget and your preferred location. With the rising cost of living, many are reconsidering their living situations and looking for ways to save money. If that resonates with you, here’s a solid starting point (see visual below):

Some states are famous for having lower housing costs, cheaper insurance premiums, and more affordable everyday expenses. However, they aren't the only locations where you can find great deals. If you’re considering a move, you might uncover the savings you need in unexpected places.

Why Move to a Lower-Cost Area?

Life is becoming pricier every day. With home prices on the rise and grocery bills climbing, it often seems like everything is more expensive than it used to be. Housing, which is typically the biggest expense for most, has particularly surged in cost.

Home prices have actually risen by 3.9% from September 2023 to September 2024, according to Case-Shiller data. On top of that, GOBankingRates indicates that insurance costs are also climbing, with the average annual home insurance premium now at $2,151—this marks a notable increase compared to previous years.

Rising costs can be overwhelming, which is why many people are looking into more affordable areas. According to an article from the National Association of Realtors (NAR):

““With the past decade of rising home prices, buyers are looking for more affordable areas . . . As housing affordability continues to shape migration patterns, these areas may provide an opportunity . . . for those looking for more cost-effective alternatives to the nation’s larger, pricier metropolitan areas.”
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— National Association of Realtors (NAR)

Lower-cost regions generally provide more budget-friendly housing options, cheaper home insurance, and lower daily living expenses such as groceries and gasoline. Transportation costs and car insurance rates are usually reduced as well. For those who may be feeling financially pressured, relocating to a more affordable area can offer significant financial relief.

Planning Your Big Move

Finding a home that suits your budget or reducing your expenses can really ease your financial burden, especially in any market. But of course, moving is a big decision that shouldn’t be taken lightly.

Moving a short distance or to a new state involves a lot of factors to think about. You'll want to consider job opportunities, schools, and local amenities, as all these elements play a key role in finding the perfect home for you.

Having a local real estate agent on your side can be incredibly beneficial. They can assist you in understanding the housing market in your new or preferred area and direct you toward neighborhoods that fit your budget while also meeting your personal requirements.

If none of the states on the affordability list feel suitable for you, that’s okay. An agent can assist you in finding budget-friendly options in any location you prefer.

Bottom Line

If the increasing cost of living is making you feel trapped, remember that you have choices. Consider relocating to a more affordable area—this might be the fresh start you need to boost your finances and enhance your quality of life.

Don't go through the process by yourself. A knowledgeable real estate agent can guide you through the ins and outs of the area, making your move much smoother. When you're ready to get started, let's get in touch.