Relocation to LCOL: Data Points to Include in Research

 It seems such a smart financial strategy: Make the emotional/social/professional sacrifice of pulling up roots in a HCOL (high cost of living) area such as New York Metro or Los Angeles and start of new life in a LCOL (low cost of living) region such as Oklahoma or Alabama. Not only could housing, both ownership and renting, be lower. So could other items such as car insurance and gasoline. 

In coaching what I have discovered is that in their research and connecting the dots on data points too many of my clients leave out important factors such as access to healthcare. They assume because they have Medicare and a supplement such as United Health Care Medicare Advantage they are all set.

The variable they should have keyed in is "National Ranking of Healthcare in Oklahoma." Better yet, go to ChatGPT and prompt "How is healthcare in Oklahoma." As ChatGPT reports, depending on what's doing the ratings, that state is at the bottom, ranking 49th or 47th. 

Access to a primary care physician can take six months. To a mental health professional, 18 months. The option is the Urgent Care Center. That usually has, with Medicare, a co-pay of $40. According to some, the process might not embed what the primary-doctor context does. 

Another wrench in the works could be auto regulations. There are states in which certain counties mandate regular inspections and emissions checks. If your car is older the repairs could eat into a budget. That was the situation of a client relocating from southwestern Connecticut to Pima County, Arizona. Every two years the emissions check has to be done. 

A third and this is key if you're still employed full-time or operate a business are the professional earning opportunities. Or the lack of them.

It is tough lesson to find out that your line of work really does require proximity to a HCOL hub. For instance, if you're in media relations and assume you can conduct that remotely from Akron, Ohio you could find you're out-of-business after relocating from New York. Your brand could take a major hit. 

In addition, you could be shaken to the core about the lower compensation outside major hubs. 

Of course, in this era of inflation the LCOL might no longer be so low. It could also have evolved into where the rent increases are significant and steady. An example is Tucson. 

Takeaway: LCOL has to be evaluated on a case-by-case basis.

Of course, you need to earn a good living. Special expertise with transitions, reskilling and startups. Complimentary consultation with Intuitive Coach Jane Genova (Text 203-468-8579, janegenova374@gmail.com).