As interest rates and economies in Europe and elsewhere come back, the majority of U.S. investors should be looking at where to put their money.
The cost of living in some parts of the United States is cheap compared to other parts of the world, as well as to other areas around the world. The current cost of living in North America is represented by two factors: housing and food, considered from the point of view of the typical American home buyer.
The average housing cost in the United States, excluding food, is about $845 per month, per a recently released study from the University of Tennessee and the U.S. Department of Agriculture. The average food cost per person in the U.S. is $5.47, which is below that of many other countries in the world. The average cost per person in Europe is over $10,000, and most of the Asia region is almost three times that amount.
My concern with a U.S. lifestyle is the fact that, even if you have a good job in a desirable city and have no financial concerns, it takes longer to save, and that cost doesn’t matter as much because of the additional cost to buy a house. You might even be looking across the border for the education of your kids, taking Canadian Accredited Independent Schools into account. I do think the price of food has come down, and that is nice because I don’t have to worry about an annual vacation to Europe, but it is still a long way away.
Moving abroad and getting a job or selling a house is cheaper than living in the United States, but there is also a cost for moving and getting settled. If you have been living in California, Illinois or another similar state, you should know that you will have to pay to get that house back, and then a landlord is going to take over your mortgage payment.
You can buy a place with your tax refund, but you would have to pay for a deposit, closing costs and possibly mortgage insurance. In many other parts of the world, you would be able to buy in a decent area, and you can rent your apartment if you are moving for an extended period.
The Cost of Moving to Europe
Using one of the most prominent cost studies, Robogals.com, you can see what the cost of living is like in some of the major cities in Europe. The same report shows the cost of moving from a place in Europe to the United States. This shows that you can get a nice apartment in the city where your friends or family live, and you can settle down easily in the area where you work.
The U.S. cost per person, including housing, food, taxes and utilities, is $3,142, which is fairly low, and doesn’t matter too much because of the difference in housing cost, taxes and utilities. The price of moving to Europe is $7,067 per person, but that amount comes down considerably when you take into account the costs for renting an apartment and finding a place to live.
In comparison, the cost of moving to North America is about $1,155, which makes sense because of the difference in cost for housing, food and utilities. The U.S. price is a little high when you compare it to other places in the world, and it will take a lot of time to save and buy a place, but it is an overall good move when you take into account the services provided by Los Angeles movers and providers of other related services. If you make the move and have a good job, you will have enough money to live comfortably, and you won’t be saddled with a huge loan.
If you are worried about selling your house, you will be able to sell it for less than you would pay for a house in Europe.