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How Much Money You Should Save Before Moving to Cincinnati

by Jackelyn Wilson - 10 Sep 2021, Friday 303 Views Like (0)
How Much Money You Should Save Before Moving to Cincinnati

As costs are rising on the coasts, many people seek inland cities to make affordable homes for themselves. Unfortunately, even when moving to popular cities like Cincinnati, it can be hard to decide how much money to save before moving. 

If you're interested in this beautiful city and want to be sure you'll have the money to back it up: here are the top things you should know about Cincinnati.

Consider the Job Market

The job market in Cincinnati is heating up!  The market is currently spreading, with a projected 6 percent growth in the employment rate within the next year. However, the average salary in Queen City is around $66,000, which is on the lower end, so it may take a while to build up your finances before you arrive. In addition, although the job market is hot, most of the available jobs sit at minimum wage, which still sits at $8.70, higher than the national average but still not high enough to be livable for most people.

Look At How Expensive Housing Is

The average rent in Cincinnati is just over $1,000, far lower than the national average.  If you're interested in looking at Cincinnati houses for sale, you'll be looking at prices close to $205,000.  Working outside of the city and then driving into work can be a great option since a short drive can cut the cost of homeownership in half.

Think About How Many You’re Supporting

How many people are you supporting?  Do you have a partner who can also save and help financially?  The more people you have to take care of, the more pricey your move will be.  Although there are many excellent public schools for students to go to, you'll have to pay attention to the numbers once they get into college.  Ohio has a lower than average expense for college compared nationally, but many chose to go out of state- and that can double or triple the cost of an education.

Consider How Long You Have to Save

How much time sits between your projected move and right now?  Are you planning a year down the line, or do you think this is something you have to save for immediately?  Although it's okay to want change and leap into it, keeping it gradually over time will allow you to save more money and won't leave you house-poor for months before and after your move.

The Final Numbers

A good rule of thumb is to save around three months' worth of income or expenses, depending on which amount is higher. For example, suppose you're looking at an average income of $66,000 per person in Cincinnati. In that case, that means before you move, you should try to save $16,500 before you proceed to ensure you're financially secure and ready to support your household.  If you have a partner or already have a job or housing lined up, this can change the number and make a move far more affordable.