Housing and property taxes are also lower!
It may come as a surprise to you, but do you know just how many people think that they can end up paying less on gas because they live in bustling cities? Yet, they actually end up paying more when they want to buy a house, just because they are in a big city. Maybe you save on gas, but you end up spending way more somewhere else.
The housing prices in smaller towns are on average lower. The average house price in New York is around $650,000, while in a smaller town in the same state, you can end up paying somewhere less than $400,000.
The price difference is insane, and this can end up being a deal-breaker for most people who have chosen to move outside big cities. A couple moved from Atlanta to one of the neighboring cities just outside the big town, and the difference in their housing situation is huge. They paid $1,500 for a two-bedroom apartment, and now they own the three-bedroom, two-bath house they live in, together with the 1.5 acres of land.
You would think the mortgage on that would be insane, but they actually pay way less than they did when they paid rent in the city. With all the costs added in, including taxes and whatnot, the mortgage ended up being $1,009. That’s almost a $500 difference in payments! And now they’re landowners too! The difference probably makes up for the gas prices for commutes or other things that need to be done.
It may come to mind that the problem when you own property is that the taxes can make a pretty big dent in your budget. Yet, you will be pleased to find out that in smaller towns, the tax is lower. When you look at property taxes for a state like Florida, back in 2019, in Tampa the tax was 0.742%, while in a smaller town like Hialeah the tax was 0.513%!
If you have considered moving out of the city to a small town, you should definitely keep these things in mind.
Speaking of moving out, did you know you could make a fortune with these items you have laying around your house?
