Is Relocation Right For You?
by Tim Walker
The world is getting smaller and companies are more willing than ever to pay for potential employees to relocate. Many high tech industries, including Information Technology have negative unemployment rates, meaning there are more jobs available then people looking for work. This has led companies to offer more competitive salary, benefit and relocation packages. But, is relocation right for you?
Census data shows that nearly 20% of the 35.9 million people who moved between 2012 and 2013 did so because of a job. That’s more than 7 million people. Another international survey found that more than 75% of people would be willing to relocate for better careers.
While many employers may offer tempting relocation packages, it’s always best to carefully consider your options, especially if you’re moving to a new place. One of the first, and most important, factors is cost of living. The State Department has a good list of online resources that offer cost of living calculators.
Using a cost of living calculator is valuable because it will show you how far your salary will take you. A $5000 relocation package and a $50,000 salary in California is actually worth less than a $50,000 salary alone in a state like Tennessee. For that reason, it’s very important to look at more than just your bottom line salary.
Relocation also involves buying or renting a new home. There are several places online that offer housing price comparisons. Again, a state like Tennessee is going to allow you to purchase a much nicer home at a better price than California. In fact, Tennessee is one of the most affordable places to buy a home in the country. If you’re thinking about moving, don’t be afraid to call a realtor in the area or even a recruiting agency. Recruiters at M Force are happy to give you some insight on which parts of town offer the best value, schools and amenities.
You should take a look at local and state taxes in your target area. Tennessee, for example, has no state income tax. Again, this will help you stretch your dollar. Be sure to also look at the applicable property and sales tax rates in the area.
Finally, take some time to sit back and think about the big picture. Make a budget. Think about your new employer. Can you picture yourself in the job you’re about to take? Is there room for growth? Does the company appear to be in a good financial state?
Making a move can be a life changing decision! That’s why it’s so important that you consider more than the bottom line.