Moving to a new location to purchase a home can be an exciting prospect, especially since you’ll gain exposure to all career opportunities. However, some people make the unfortunate mistake of failing to research viable career avenues before a move, which can result in financial strain or career dissatisfaction. Before you commit to a new home purchase, it’s important to get a thorough understanding of job availability in your field, median income levels, unemployment rates, and local news that affect your industries.
The Bureau of Labor Statistics (BLS) publishes current and detailed Occupation Employment Statistics annually for thousands of jobs. For example, an nurse looking to move to a new location can examine employment data on a U.S. map to see which areas are known for the highest and lowest rates of nurse employment. You’ll be able to quickly identify at a glance whether a location has job prospects or not.
Median Income Levels
Professionals can use two data sources to pinpoint an estimate of annual earnings for people in their future home state or city. The Occupation Employment Statistics publishes the mean annual wages for specific jobs, so you can get a ballpark idea of what other professionals earn in certain metropolitan areas. Also, you can get a broad idea of how a city is performing economically by reviewing median household incomes in counties listed by the U.S. Census Bureau’s Quick Facts. If you notice that wages seem surprisingly low compared to the cost of living, then you can avoid purchasing property in those locations.
You might be able to identify communities that are going through periods of economic decline by reviewing the unemployment rates for the area. This information can also be found in the U.S. Census Bureau’s Quick Fact listings. When a county suffers from high employment rates, businesses suffer too, since consumers have less disposable income to spend. This is particularly important if you’re a business owner looking to expand in your area of residence – your bottom line could be affected by unemployment too.
Purchasing a new home can lead to enormous career shifts. As you search for the perfect new resident, contact a realtor and conduct research to learn about your future community. A little research can go a long way in helping you find your dream home and job.