The Show-Me State
For Taylor and her husband, the move to Missouri worked out great.
“It’s just taken a lot of the stress out of our lives, after living paycheck to paycheck for so long,” she told The U.S. Sun, adding that although she missed the food and culture of L.A. and New York — where she lived before — she’s able to have time for reading, meditating and walking her dog in the morning.
Taylor is far from alone in a desire to save money by abandoning city life. According to data from the Economic Innovation Group, 812,000 people left big cities for urban and exurban areas between July 1, 2020, and July 1, 2021.
Cities continued to hemorrhage residents well into 2022, although at a slower rate at around 70,000 residents. However, international migration helped cities maintain their population level.
The search for an affordable cost of living is the big reason for people moving out of the cities, with more than 60% of people responding to a Harris poll citing lower costs or cheaper housing as the impetus to move. The Taylors certainly were able to find that, as their impressive success in savings shows.
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Learn MoreIs relocating a good solution?
Moving to save money can certainly make sense when it's feasible, and a growing number of people have found that it's an option.
The COVID-19 pandemic shifted employees into the sphere of remote work, which helped make migration possible. Around 16% of companies are fully remote and 24% of workers have chosen to work remotely in the post-pandemic era.
Those who make the change get a big advantage. For example, the average cost of a Missouri home is just $245,230, according to Zillow, while California's average is higher at $773,263.
It's not just housing, either. Missouri had the sixth lowest overall cost of living in the United States in 2024, while [California])(https://meric.mo.gov/data/cost-living-data-series) was ranked 50th with only Massachusetts and Hawaii costing more. You also need just $47,771 per year in income to make a living wage in Missouri compared with $80,013 in California.
You will have to undergo a major lifestyle change, though. But, if you're tired of the city’s fast pace, it isn't a bad thing.
Ultimately, if you can move without taking an income cut, spend less and accomplish important financial goals, a new hometown may be the right financial move for you. If you can save over $100,00 like the Taylors, then it’s proof positive you made the right choice.
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