Determining your ideal place of residence can be a complex process, but the Best Places to Live rankings can provide valuable guidance. Whether you are seeking a fresh start in a new city or are compelled to relocate due to unforeseen circumstances, numerous considerations come into play. Whether you are meticulously evaluating potential long-term homes or contemplating the merits of a job offer that requires a significant move, there are several key factors to weigh.
Once you have identified your priorities, the next step involves aligning your preferences with your financial capabilities. As Matt Curtis, a real estate broker from Madison, Alabama, puts it, “The question is how many of these priorities can be accommodated within the budget they have in mind?”
Choosing a Residence
The U.S. News Best Places to Live rankings evaluate the top 150 most populated metropolitan areas in the U.S., focusing on several criteria including affordability, lifestyle quality, employment opportunities, attractiveness, and population shift trends. The importance of each category is determined by surveying approximately 3,100 U.S. residents to understand their most critical factors when deciding on a place to live.
For your relocation, you might prioritize the job market or be more concerned with finding a suitable neighborhood. Here’s an outline of the key factors to contemplate when planning a move:
– The cost of living.
– Opportunities for employment.
– Overall desirability and life satisfaction.
– Crime rates.
– The quality of educational institutions.
– Commuting considerations.
– The standard and accessibility of healthcare services.
Cost of Living
The cost of living is a significant factor in determining your comfort level, whether you’re moving to a different city or just to another part of town. Considering your salary, would you be able to manage monthly housing costs, property taxes, and utility expenses in your prospective location?
The rationale behind your move might lead you to consider a metropolitan area with a lower cost of living, allowing you to afford a home closer to your workplace or the type of home you desire, rather than settling on the outskirts of a more expensive urban area.
Jayde David, a real estate agent with Vylla in the Baltimore area, shared that some clients are drawn to the Baltimore market due to its affordability and ongoing renovations. In the Best Places to Live ranking, the cost of living is represented in the Value Index, which constitutes 23% of a metro area’s overall score. This index compares the median household income to the median total cost of living, taking into account mortgage payments, rent, taxes, and utilities. It also accounts for price parity to ensure that goods and services are comparable across different locations.
Job Opportunities or Flexibility
A job may be the catalyst for your move to a new city, whether it requires your physical presence at an office or offers the newfound flexibility of remote work options.
According to the U.S. Census, over 44% of people moved for retirement, while 22.8% relocated due to a new job or a job transfer. The Best Places to Live ranking allocates 19% of the final score to the job market, which takes into account the average annual salary and the local unemployment rate, as reported by the Bureau of Labor Statistics.
Happiness and Location Preferences
Your potential for happiness in a new location is a crucial factor that should not be ignored.
If you are fond of the conveniences that a large city provides, then perhaps a small town on the outskirts of a major metropolitan area may not suit your lifestyle. Similarly, if you prefer hot climates, places like Green Bay, Wisconsin, or Anchorage, Alaska, might not be ideal work relocations for you.
The Best Places to Live rankings consider the attractiveness of a metropolitan area, based on a SurveyMonkey survey that inquires where U.S. residents would prefer to reside. This accounts for 14.3% of the final score. Additionally, the index takes into account the net migration to a metropolitan area over a five-year period, as reported by the U.S. Census Bureau, which represents 3.3% of the final score and indicates whether people are actively choosing to move to a particular destination.
The desirability index also examines the mildness of the climate, measuring the number of days in each metropolitan area where the temperature is between 32 and 90 degrees Fahrenheit, contributing to 2.2% of the final score. It also looks at the ratio of establishments to population, calculating the total number of restaurants and bars per 100,000 residents, which also makes up 2.2% of the final score.
Even after selecting an appealing area, you have a range of options, from bustling city centers to tranquil neighborhoods, suburban settings, or even the rural edges of a region.
David notes, “Budget and lifestyle will determine the areas for my clients. If they’re seeking a single-family home with a yard, we’ll consider the outskirts. For those looking for a starter home with a high walkability score near entertainment spots, downtown is the place to look.”
The Best Places to Live rankings also evaluate the quality of life, gauging resident satisfaction with their daily lives and the impact of significant factors on life within each ranked metropolitan area.
It assesses the overall well-being of residents in a metropolitan area, using the Sharecare Community Well-Being Index, which inquires about people’s happiness, community pride, and feelings of safety in their living environment (6.8% of the final score). It examines air quality, utilizing the most recent monthly average from the U.S. Environmental Protection Agency, for 2.5% of the total score. Furthermore, it evaluates a metropolitan area’s exposure to natural hazards and community risk factors, including social vulnerability and resilience, for 1.8% of the total score.
Crime Concerns
Crime is frequently a concern for individuals considering a move to an unfamiliar city or neighborhood. The fear of becoming a victim of crime is a genuine concern for many, and even common property crimes like vehicle theft can lead to increased car insurance rates.
However, crime statistics often do not provide a complete picture, may contain inherent bias, and should not be accepted without scrutiny. While online data or contacting the local police can offer some insights, Curtis recommends visiting the area personally to get a feel for it.
“It’s important to visit in person multiple times if those factors are significant to the buyer,” Curtis suggests. “Visit during the evening, daytime on a weekend, and around the school dismissal time on a weekday to better understand the neighborhood.”
Property crime, violent crime, and murder rates are part of the Best Places to Live ranking methodology due to their importance to consumers, but they represent a smaller portion of the overall score, with the crime score for a metro area constituting 9% of the total score.
Educational Opportunities
If you are relocating with school-aged children or plan to start a family, the quality of education is likely a significant consideration. Most metropolitan areas offer diverse schooling options, and it’s essential to closely examine school information that will facilitate your child’s success.
The Best Places to Live ranking utilizes data on college readiness among high school students from the U.S. News Best High Schools ranking, which contributes to 6.8% of the final score. When exploring neighborhoods, the Best High Schools ranking can provide a more comprehensive view of a school, including graduation rates and the performance of underrepresented student groups.
Commuting Considerations
With the rise in remote work, the importance of commuting to an office has diminished. Nevertheless, the average commute to work can still indicate the level of traffic and convenience when running errands or making occasional office visits.
Curtis advises considering the distance to essential amenities like grocery stores, gyms, restaurants, and trails once you’ve moved in. Some individuals may not mind a longer drive for certain activities, while others may find a lengthy trip to a preferred store to be a deal-breaker.
The average morning commute time for a metro area contributes 5.8% to the total score in the Best Places to Live ranking.
Health Care Provision
While living close to a major hospital may not be a priority for those in excellent health, it can be a significant concern for those who require reliable healthcare systems.
Curtis mentions that unless a person moving has a pre-existing condition that necessitates regular medical care, the proximity to top-rated hospitals or preferred physicians is rarely a primary concern when purchasing a home. “Regrettably, for most, it’s probably an afterthought,” he says.
If you’re moving to a new metropolitan area and prioritizing healthcare, it’s essential to conduct thorough research to ensure confidence in the available care. “If it’s a growing city, sometimes healthcare availability doesn’t keep pace,” Curtis notes, warning that in rapidly expanding areas, some medical practices may not accept new patients.
The Best Places to Live ranking draws from the U.S. News Best Hospitals rankings for the proximity to quality healthcare, which accounts for 3.2% of the final score.