No, It Wasn't Easy, But You Assumed You Were Smart Relocating to LCOL Area ...

 Homelessness is up 18%. Already 30% of those without a regular roof over their heads are age 50 or older. 

That percentage of the aging as homeless can rise. See, here's what is happening. Those of us who had been alert to the perfect storm of inflation, brutal cost-efficiency campaigns by employers and the usual age bias assumed we were quite smart exiting HCOL (high cost of living) areas. Those ranged from the New York Metro area to Southern/Northern California. Sure, it was an ordeal leaving our friends and routines behind. 

But leave we did, relocating to LCOL (low cost of living) areas like Tucson and Cleveland. That provided a release valve on financial pressure. 

Also, since those LCOL regions weren't the dream locations for the hyper ambitious, it was easier to find work, full time and contract. After I pulled out from New York Metro on I-95, heading west to Tucson, my fixed expenses were halved and business for my boutique increased 60%. Within 18 months I had paid off debt and ramped up the amount I deposited in my Edward Jones investment account. 

That was then. 

Now the low cost isn't necessarily so low. For example, a studio apartment in Tucson rented out at about $400 in 2014. Now, that rent is over $800 and for some apartment complexes you need income triple the amount of that monthly rent. A driver is the influx of those from California fleeing liberalism and, yes, HCOL. Cleveland is another of the rapid-rent-increase locations. Just this year it was up 16%. The city is undergoing gentrification. 

An option is to really take on a challenge and relocate outside the US. You can live middle-class in Ecuador for less than $23,000 a year. In Sicily, Italy, as an individual your monthly nut for all living costs would be about $1174 and for a family of four about $2,892. About a 90-minute drive from Tucson is Nogales, Mexico.  The monthly nut for all living costs for an individual is $786 and for a family of four it's $1,866. 

For the self-employed it is often doable to settle in these cities outside the US and still continue working. 

In Sierra Vista, Arizona, a military town which had been Paradise for the semiretired the rent is also going up. For instance, one complex recently has increased the monthly expense $65. Yes, in a single shot. Because of the growing popularity of the area it's expected that the giant leaps in rent increases will become standard. No surprise, also growing is the number of aging homeless. 

Affordable Career Coach Jane Genova provides end-to-end career services, ranging from diagnosis of the challenges and fix-it strategies to preparation of resume/cover letters/LinkedIn profiles and how to gain control of an interview. I specialize in over-50 work issues. My edge is a background in marketing communications. For a confidential complimentary consultation please text/phone 203-468-8579 or email janegenova374@gmail.com. Remote and in-person.

 


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