3 pros and cons of buying a home in a small town
City life is not for everyone. And there may come a time when you decide you’re ready to ditch the city and move to a place that isn’t always bustling. You may even decide to buy a house in a small town.
In 2022, the share of homes purchased in a small town reached an all-time high of 29%, according to recent data from the National Association of Realtors. But is small-town living right for you? Here are some pros and cons to consider.
Benefit #1: Lower house prices
Homes in small towns aren’t always as sought after as those in larger suburbs or big cities. So you could spend less on a house you buy in a small town. This could mean taking out a much more affordable mortgage. And given how high mortgage rates are these days, that’s an important thing.
Advantage n°2: Lower cost of living
In many cases, you will enjoy a lower cost of living across the board in a small town compared to a more populated city or area. And at a time when the cost of living is rising across the board due to inflation, that’s a plus.
When there are only a few hundred people living in your town, it’s conceivable that you’ll end up knowing and building relationships with everyone in your town. This can be a really good thing, especially if you’re the type of person who values community and likes to have neighbors looking out for each other.
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Con #1: Fewer Job Opportunities
When you live in a small town, you may not have the same access to jobs as in a big city. And unless you have a job you can do remotely, that could mean facing a long and unpleasant commute to work, which could be a daily basis.
Con #2: Fewer Amenities
It costs money to open and operate a business. And small businesses may be less likely to locate in a small town because they have a very limited customer base – and limited revenue. And so, if you are moving to a small town, you may find that you don’t have many restaurants, cafes and shops nearby.
Cons #3: The potential for fewer public services for children
If you live in a city that doesn’t have a lot of kids, you may not have access to a good library or park system. And the school system may not be what you want it to be. If you have children, it’s important to do plenty of research before buying a home in a small town. Even if the utilities are reasonable, you will need to consider the implications of putting your children in a school where their entire class might be made up of fewer than 25 students.
Obviously, buying a home in a small town can be a mixed bag. If you’re not sure if this is right for you, talk to people who have lived in small towns to learn more about the experience. And, if possible, spend enough time in the city where you plan to move to know what to expect. The more information you have, the more confident you can be in your decision.
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