Should You Move For That New Job? It Is Worth Relocating?

Do you have another choice? 
Have you been out of work for while and this new job is a virtual lifesaver?  If so, you may have no other choice. 

Is your company packing up and moving to a new location and your local job market is dry?  This may be a good reason to move.

Are they making it worth your while?  Fortunately, big moves often mean big money.  But, don't let the numbers fool you.  Just because they are offering an increase of $20,000 a year does not mean you will realize that increase.  A rural to urban move may cause you to merely break even.  Find out how much of a raise you need to consider moving. 

Check out this Salary Calculator.

Is the Cost of Living worth the move, or will it hurt your finances?
Cost of Living is pretty easy to figure out through several different websites.  Here's one:

Cost of Living Calculator from CNN Money

What about the Standard of Living?
One thing you need to be aware of when determining cost of living is Standard of Living. 

For example, when my family moved from Rochester, New York to New Orleans, Louisiana, we quickly found out that while the Cost of Living change was hugely in our favor, the Standard of Living was far less than desired. 

While the average quality of living in Rochester meant a 3-bedroom house with 2 baths in a great school district, the average quality of living in New Orleans was a meager shotgun house, in a dangerous neighborhood.  This meant that in order to maintain our previous standard of living, we had to live at a higher level than average, which turned out to be very costly. 

For our next major move, we made sure to check out important Census information first.  You can also get a fact sheet on your current community or the one you plan to move to from the U.S. Census Bureau. 

What if it does not work out? 
You need to know what the job market is like in your new location, should you and your company decide to part ways.  Even if it does work out for several years, you need to know what your chances are of finding a new job in the area in the next 5 to 7 years -- which is when most people typically change jobs. 

It is not only important to know about the overall job market, but also the job market for your particular type of job and your salary range.  For example, if you are moving for an executive job with a high salary, you want to make sure the company has a good severance package before you start packing. 

Here's a great article on negotiating a severance before it happens.