Moving to a cheaper area could save $50,000 in five years

Moving to a less expensive location could potentially save $50,000 in five years, according to CNN Money.

The source spoke to a couple who was able to do just that. By selling their home and moving to a second home they had year-round in a less expensive location, Lynn and Larry Luessen reportedly saved $1,900 a month on living expenses, not including nearly $5,000 in other expenses that they no longer had upon moving away.

For those considering moving in an effort to save, CNNMoney suggests first narrowing down the search to three potential low-cost moving destinations. These areas should also incorporate excellent job opportunities, low taxes, inexpensive homes and a quality education system. According to the source, the South and Midwestern areas of the U.S. have some of the most affordable properties in the country.

Employment should also be a foremost concern, as moving may only be feasible for those with flexible jobs or who have already found work in their destination city. The Wall Street Journal recently reported that moving to a city solely because it has a low unemployment rate may be unwise.

Though economic factors are important, other intangibles may be essential for a positive transition. Trying to find out information about the destination from people familiar with it before moving is important to ensure it is a good individual or family fit, the source says. 

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