How to Calculate Cost of Living After Moving

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The average American will move houses around 11 times during his or her lifetime. When you move, you might get a new job, make new friends or try new hobbies, but another new thing that you’ll have to deal with is your cost of living. Since it’s a good idea to be prepared, you may want to calculate what your cost of living is going to be after you move.

Ask Around

If you already have friends and family in the town that you’re moving to, ask about their expenses. While this isn’t the most scientific way to do it, it’s a good way to get a ballpark estimate. If you know more than a couple people in the area, you’ll be able to get a general consensus of housing costs, what a typical oil bill will look like in the winter and how much groceries cost. As an added bonus, you may get some tips on where the best deals in town are. If you don’t know anybody in the area that you’re moving to, it’s usually easy to find an online forum that has people from certain areas. City-Data and Topix are both popular.

Budget It Out

The most accurate way to calculate your new cost of living is to figure everything out by hand and create a budget before you move. Some things, like the cost of gas, may be similar, but don’t forget to factor in all the details. For instance, if you’re moving to a city, you may be able to walk a lot or ride your bike. Even though the cost of gas might be similar, your transportation costs could go down significantly, especially if you can go car-free. Use a detailed budget worksheet to make sure that you don’t forget anything in your budget.

Cost of Living Calculator

Easy and fairly accurate, you can use a cost of living calculator to find the difference between your cost of living at your current and future place of residence. A good calculator can even break the analysis down into different categories, such as groceries, healthcare, transportation, utilities and housing.

There are different ways to calculate what your cost of living will be after you move, but remember that no option will be exact. Depending on your spending habits, you may find yourself paying more or less than your calculations predict, so take the information with a grain of salt.

Information to ReaLocation Toronto real estate listings.

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