Considering a move? Before you break out the moving boxes, take a closer look at how the real cost of living adds up.
Derek Tharp has seen Portland, ME, where he lives, grow in popularity with those fleeing high housing prices in Boston, MA, just two hours south. Although smaller, this coastal city suits people's lifestyles, as well as their pocketbooks.
And, as a financial advisor and assistant professor of finance, Tharp notes another trend, too: when moving from an expensive market to a less costly one, people don't always take advantage of the change in their cost of living. Tharp says this shift should be a boon to bank accounts. However, people often mentally still budget at the former higher price points.