Would You Move To A City That Makes More Sense “Financially”?

By: ispeculatornew
Date posted: 04.10.2012 (5:00 am) | Write a Comment  (9 Comments)

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Clearly, not all cities are made equal. Some cities cost a lot to live in such as New York, London or Moscow while others seem to be much more attainable. But is that all there is to choosing where we live? I read an interesting post that looked not only at the cost of living in a given city but the benefits of living there expressed in many different ways. Would you mind paying 50% more for an apartment if you moved to another city? What if I told you that wages were 60% higher? Or what if it was 40% higher but you could enjoy an incredible quality of life, parks, sports, etc?

The Best Cities In The World

Here are a few rankings that exist: Here are the top 10 most livable cities in the world, ranked using stabilitty, healthcare, culture and environment, education and infrastructure:

1. Melbourne, Australia
2. Vienna, Austria
3. Vancouver, Canada
4. Toronto, Canada
5. Calgary, Canada
6. Sydney, Australia
7. Helsinki, Finland
8. Perth, Australia
9. Adelaide, Australia
10. Auckland, New Zealand

Then you can also look at the 10 most competitive cities in the world according to the Economist Intelligence Unit based on their ability to attract capital, business, talent and tourists:

1. New York, USA
2. London, England
3. Singapore, Singapore
4. Paris, France
4. Hong Kong, China
6. Tokyo, Japan
7. Zurich, Switzerland
8. Washington DC, USA
9. Chicago, USA
10. Boston, USA

It does not even look like one of these cities is close to being on both lists. Is it not possible for a city to be both competitive and enjoyable to live in? My main question would be:

Would you or have you moved to another city/country for financial reasons?

I certainly feel like I would do it, I could see myself moving abroad with my family if the situation came to that Living further away from friends and family would certainly be the difficult part but I do think that sometimes it makes a lot of sense.

What About Retiring Elsewhere?

I know a few who have moved abroad to live a better life during their retirement. Brits that moved to Australia, Canadians that move to the Southern US to enjoy better weather and a less expensive life (real estate is clearly cheap in places like Phoenix or Florida…. Many of you have emailed me worried about how much they would have once they retire. For many of those people, moving abroad could be one alternative. What are your thoughts?

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9 Comments

  1. Comment by Hans — April 10, 2012 @ 3:32 pm

    ABSOLUTELY!

  2. Comment by IS — April 10, 2012 @ 4:41 pm

    @Hans – Have one in mind?:)

  3. Comment by Ken — April 11, 2012 @ 7:03 am

    I knew the first list would be mostly cold-weather places. They’re more “liveable” because few people want to live there. Weather is a really important factor that most lists don’t look at.

  4. Comment by IntelligentSpeculator — April 11, 2012 @ 10:45 am

    @Ken – Agreed that it would be expected, I wish it was possible to have both…

  5. Comment by Skye — April 11, 2012 @ 12:23 pm

    Don’t let that 10 most livable list fool you. That list doesn’t account for cost of living where a lot of those cities are near the top. Cost of living has a huge impact on a famiy’s well being.

    Vancouver, Calgary, Toronto and Sydney are in the top 10 most expensive (ie. overpriced) real estate. Canada and Australia are both in the midst of a real estate / credit bubble.

  6. Comment by Hans — April 11, 2012 @ 6:01 pm

    Home, home on the range, where .8 unemployment is a bane, where 80k positions go unclaimed Williston, N Dakota is its name…

    50 cents, where are you?

  7. Comment by DailyMarketInsight — April 11, 2012 @ 7:58 pm

    Financially it makes sense. But there are always other factors like friends, and family that can override financial consideration. Not to forget children education and adaptability….

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