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In most cases, the decision was made due to growing families and the rising cost of living in the respective areas. Its one thing to live in a condo or small townhouse if you are a couple. But with multiple kids, buying a single family home became too difficult (either pay way too much, or have to commute way too long).
I travel to Dallas for business quite often so I know what that market is like and too be honest, I think they are making the right decision for the short and mid-term. In the long run, it pays to stay in the high cost areas. Remember, these moves are one-way moves. Once you go to a low cost area, you can never come back.
http://www.homefair.com/homefair/calc/salcalc.html
It's just too expensive in the Northeast to raise family. If I didn't have kids, I'd be able to afford it, but being a first time home buyer, it's just not working for us.
Bankrate recently had an article that mentions how a move like this is one of the ways that you can actually tap your homes' equity that I reviewed on my site:
http://moneyexperiences.blogspot.com/2006/03/what-your-house-is-really-worth.html
He grew up in Austin, TX, so it was a natural for us to look there for a job for him, and then a home. And it was nice to buy a nice home down here for not significantly more than the cost of a decent down payment for a crappy house out there. Oh, and without the income tax. Oh, and without having to pay hundreds of dollars a year to renew the tabs on my car. Oh, and ... California is expensive. Texas is not.
The loss of my -- not inconsiderable -- income has been hardly felt, and our savings has never been better.
Accordingly, I suspect many of us will seriously consider a move to a locale with a lower cost of living during retirement. I've been following this phenomenon as I see more and more relevant articles and sites like escapeartist.com; I'd be surprised if more retirees don't opt to live outside of the U.S., e.g., in Mexico, Nicaragua, Panama, and Costa Rica. With more and more expat communities abroad, it's not as outlandish as it would have sounded to previous generations.
Second best choice is Fort Worth. It's a "grown up" Austin with more big-business flavor and rustic Texas style. Plenty of *world-class* museums, galleries, art shows, an elaborate botanical garden, and one of the nation's best zoos. Like Austin, it's a mellower, people-friendly place. Downtown is lively and fun every night. Don't move here if you'll be commuting to Dallas on a daily basis, however. It's an hour each way, minimum.
Third overall choice (and #1 for value) is the mid-cities area which lies directly between Dallas and Fort Worth. The cities within this area (Hurst, Bedford, Euless, Colleyville, Southlake, and Grapevine) offer safety, convenience, good schools, and close access to D/FW International Airport, two water parks, and Six Flags. Being in the middle of the metroplex offers the best of what Fort Worth and Dallas have to offer at an unbeatable price.
From here on down, life is more about "survival" than "enjoyment":
Next is a toss-up between San Antonio and Dallas, both of which are fairly dysfunctional. San Antonio is dominated by tourism and a transient population without offering much substance for locals. Crime rates are high and job opportunities are low. Nice place to visit... wouldn't want to live there.
Dallas is a mixed bag. It all depends upon your financial condition. If you're in the money, you'll be able to buy an enjoyable status quo. Otherwise, Dallas will eat you and your children for breakfast with a side of spam and eggs. No joke... Dallas has been the #1 murder capital of the USA for seven consecutive years. Consider this: People who can afford to live in splendid University Park or Highland Park enjoy exceptional public schools, a private police force, a separate water supply (!), fantastic restaurants, and some of the best and most exclusive shopping in the southwest. However, outside of this magical little paradise, everyone else is forced to contend with hideous DISD public schools that resemble prisons, roving gangs, excessive burglary, and a nightlife scene (Deep Ellum, Lower Greenville) that is fraught with opportunistic muggings. And with the recent fallout from hurricane Katrina, it's only getting worse. Bottom line: Unless you can afford a nice neighborhood and private schools, don't even THINK about moving your family to Dallas. Want proof? The crime stats at Dallaspolice.net should provide sobering evidence.
Fifth would be Houston... a huge, sprawling, smoggy, unhealthy city with extreme humidity, urban unrest (not counting post-Katrina!), and traffic snarls across the entire city. Still, it does have Rice University, a great museum, and is relatively close to the coastline. Unless you're getting filty rich here, avoid it.
Amarillo, Midland/Odessa, El Paso, Lubbock, Abilene... not recommended. Only for small-town types. If you're reading this blog, you probably aren't one of them.
Cheers! And remember, money is only a means to an end. It's all about family, friends, good health, and "quality of life!" :)