The Pros and Cons of Moving to a Rural Area

In 2020, more Americans began to rethink city living. Large cities reported residents moving away to smaller towns and rural areas. This population shift occurred because of various factors, including the COVID-19 pandemic, the increase of remote work possibilities, and high housing prices. In a survey from Gallup, nearly half of the US adults surveyed said that they would prefer to live in a smaller town or rural area, an increase of 9% from 2018. The shift from city life to rural areas is beginning to happen.

If you’re considering moving to the country, it’s time to talk about how that will work. Here are a few of the pros and cons.

• Pro: It saves money. Prices are rising in cities, and living costs are much higher. According to data from Wealth Meta, on average rural housing prices are about 30% cheaper. These cheaper housing prices and the lower cost of living can make it easier to pay off your home faster and begin saving money for retirement.
• Con: You’ll make less money. The cost of living and housing may be cheaper in rural areas, but your paycheck may be smaller. According to data from the US Bureau of Labor Statistics, households in urban areas earn about $15,000 more than households in rural areas.
• Pro: You’ll have more space. One of the advantages of buying in a rural area with lower housing prices is that you can buy or build a larger home with more land. A similar size home and property could potentially be much more expensive in an urban area.
• Con: You’ll have to pay more to maintain your home. A major disadvantage of buying rural property is the maintenance costs. Unlike living in an urban area, you may be responsible for water access, a septic tank, and increased property maintenance. In addition, the basic infrastructure present in urban areas, such as access to city plumbing and electricity grids, may not be as readily available. As a result, you’ll have to plan your budget around more considerable home maintenance costs.

These are just a few of the pros and cons of making a move to a rural area. The rise of remote work and increased housing prices in urban areas forced many people to debate such a move. If you’re struggling with this decision, speak to one of our advisors. We can recommend loan options that can help you finance the right home for you.

One of the best loan options for people moving to rural areas is a USDA loan. This loan option is a government-issued loan specifically designed to help people purchase homes in rural areas and may be available with little to no down payment. (Closing costs and fees may still apply.) Our advisors can help you figure out if this type of loan is the right fit for you. So call us today at . Let’s figure out if moving to the country is the right fit for you!