Big City to Small Town: Experiences

[haha]

Remember the Great New England Hurricane?

Wow. If we get another one of these, the US world insurance industry will likely be bankrupt.

Ha

 

[astromeria]

Charleston gets many fewer hurricanes than Florida or North Carolina--look at a map to see why: it's kinda tucked away. Of course, we seem to be in a period of increasing storm activity starting a few years ago.

I've read that Charlotte, NC was more heavily damaged than Charleston in Hurricane Hugo (1989)--and look how far inland Charlotte is!

Every place I;ve lived has been subject to some sort of disaster, whether storms on the east coast, floods and 30-below temps in Wisconsin, earthquakes in San Francisco...The worst damage I ever personally witnessed was the flooding of the Belle Fourche River in Rapid City, South Dakota. (I passed through within days of the event while camping my way across the country in 1972.)

 

[dumpster56]

Has anyone taken the home equity from their expensive big city real estate and used it to retire early to a smaller, lower-cost of living town? What are your experiences? Did you like it or regret it?

I am 39. If I took my NYC home equity plus savings I could retire to a smaller town fairly easily. However, I really like NYC and the culture it offers. My job is both stressful and boring, but pays in the upper hundreds. It is not likely I could replicate that income in a new position if I quit and then wanted to change my mind.

Any experiences of a similar situation?

We have just done it. I moved from northern new jersey sold my big center hall colonial on 1/2 an acre for 513,000 made 300,000 on the place in 10 years. bought a place in north carolina just south of raleigh for 330,000. I will be taking an early retirement as of feb 1 2007 from the newark nj public schools, yes I must go back and teach 5 more months, contract commitment plus I want to pay off my cars. I can stay with my daughter in manhattan, and friends up there from sept to january. I can also take many sick days.

Then in Feb I will work part time sub teaching and working part time in a sporting goods store. My mortgage is a small car payment 350 a month!

Less stress and gotta say the slower pace so far is well refreshing.

Life is good, heck I am only 50 and being able to get an early retirement package of over 33,000 a year with medical bennies and a COLA every 12 months after the first 24 months is well a no brainer.

 

[lazygood4nothinbum]

Charleston gets many fewer hurricanes than Florida or North Carolina--look at a map to see why: it's kinda tucked away.

don't let geography fool ya. while travel over land, especially land with mountains, might effect hurricane strength, hurricane direction has little to do with a highway map. tracks are steered by major features of the air (bermuda high, jet stream, other strong highs or lows in the area, etc.) not by land features.

 

[NYC Guy]

Well, the feedback has been different from what I expected to get. I thought a "retire early" forum would generally say "go for it!" But instead the majority of posters (not all, but a majority) so far have confirmed the viewpoint that the cultural density and variety of NYC is not easy to replicate elsewhere, and might be worth paying/working for.

A few comments: SF is not cheaper than NYC. Re: Chicago - I don't want to merely work less, if I quit, I want it to be permanent so I can travel, write, play piano, get another graduate degree, whatever. I don't "need" a house (I live in an apartment now), but to safely retire now I would have to keep the cost of new lodgings to under 250k, and live in a lower cost of living area. I have a wife and a young child and might have another (child, that is). Selling and renting would be a version of timing the real estate market, and I have no idea how to time NYC real estate. My current 2-bed apt. is worth about 1.3 (no mortgage), a modest 2 bedroom rental in Manhattan is 4-5k a month., with vacancy under 1 percent. It would not save me long term to rent.

One option would be to move to the boroughs (but not the 'burbs). Western subway Queens is about 35-40% the real estate cost of Manhattan (and about 20 percent cheaper for daily living), and decent Brooklyn real estate is about 70 percent of Manhattan (and about 10 percent less for daily stuff). I estimate I could retire to a large place in Queens or a smaller place in Brooklyn in 5 years or so. I think this is worth it, given how much I like the cultural attractions of NYC, versus going to a small college town.

I am tempted to cash out of NYC real estate and simplify my life, but given my values, I do not think I would be happier after the first year or two. Several of the posts here more or less confirmed that. At present, I plan to stick it out for about 5 more years, and then re-evaluate.

 

[Scrooge]

I am tempted to cash out of NYC real estate and simplify my life, but given my values, I do not think I would be happier after the first year or two.

Sounds like you have what I call "the New York City bug". Some people just have to have that strangely invigorating feeling of being abused exposed to the diversity of NYC  I have done three tours there and eventually added it to my list of "a great place to visit, but I wouldn't want to live there" kind of places, along with Alaska and Death Valley  To each his own, of course.

It's been my observation that once you get the "bug", it's not easy to get rid of, so there is a high probability that you will likely feel the same way 5 years from now. This is apparently different from the more generic "culture bug", which age and conveniences of the modern age have been known to cure.

It sounds like you are on track to ER in your preferred habitat in another 5-7 years, so it's not exactly a terrible predicament. Do watch your health, though -- the "high 6 digits" NYC lifestyle can chew it up and spit it out in no time if you only let it.

 

[jerryo]

I second the motion: would focus on ERing in NY and/or similar urban environments.

Spent last year commuting betw NY & DC (significant other took a job in ny). Took one of those $5,000 + mid-town rentals....River & park views, walk to 5th Ave, etc. , etc. My first time living in NY since college/grad school...and it was a a blast...theater, music, opera, food.... And, one of the best things about NY is once you get past rent it really isn't all that expensive....

On the other hand, London and Paris are pretty wonderful too (spent lots of time there on business); not to speak of Singapore or Bangkok or Buenos Aires. And with a base in NY you can probably arrange trades anywhere (like you are this summer).

Don't quite have your resources but aiming to retire in 2 or 3 years with an urban base.....a 1 or 2 BR pied a terre in DC or NY (or Paris). Would think you would be in a position to do the same (maybe even keeping your current apartment) in only a few more years.

Good luck!

 

[73ss454]

I'm trying real hard to sell my house in NY and move to Florida.

Having no luck with selling the house I told my broker to advertise with "illness forces sale".


She then asked me whats wrong with me and I said I'm just sick of NY.

 

[Ed_The_Gypsy]

I grock, "73",

We will let YOU out!

 

[lets-retire]

I've lived in big cities of more than 3 million, lived in areas that were built out and are the most densely populated counties in the state, and have lived where I had to drive two hours one way on country roads to get to a Home Depot. I visited NYC and found it very depressing. Lived in some large cities where my income placed me in the top 1% of the wealthy.

I am a country boy and can't wait to get back to the quiet nights, serenaded by crickets. I just sold my house in the densely populated area, me and the DW have both found jobs and should be living the country life in about two weeks.

 

[boont]

You might be open to what I did. Kept house in the city (Bay Area) and bought ranch in the wine country north of here.

Best of both worlds for me.

S.F. is big enough for most of the things I prize (granted it's not N.Y. or Paris) with a country environment a little over two hours drive north.

Small town life on the weekends, city life during the week. Or, any of them if you retire early.

Sounds like you could afford two places now and still build for the future.

boont

 

[Brat]

You might be open to what I did. Kept house in the city (Bay Area) and bought ranch in the wine country north of here.

Best of both worlds for me.

S.F. is big enough for most of the things I prize (granted it's not N.Y. or Paris) with a country environment a little over two hours drive north.

Small town life on the weekends, city life during the week. Or, any of them if you retire early.

Sounds like you could afford two places now and still build for the future.

boont

Or he could buy a building lot where he might want to live and build later.

 

[CybrMike]

at 500K - 1MM per year you should definitely work a few more years. When you have $5MM saved up, then think about quitting. Going from $500K per year in income to $70K is a huge shift.

 

[Kitty]

I was reading all the above trying to come up with something witty or pithy, even humorous nah ... I have no idea what it is like to live in NYC living your style of life, been there and scared out of my wits . I think it was I felt naked, I had to leave my favorite purse pistol at home and that always gives me the shivers.

I lived in a busy congested, getting outrageous, area (Hampton Roads VA). No it is not NYC, but it is busy and stressful not devoid of culture, lots and lots of well organised activities to keep one envolved. Then I moved to rural Kentucky......man that was like going to another world. Folks here have known each other since grade school, their Momma was the Bride's Maid for your boyfriends Momma sort of thing. I landed right in amongst them. Quite frankly neither of us know what to do with the other.

I don't fit because I don't come from here. I am a good person but I am not their aunt cousin sister-in-law, grand mother what ever. More than once I was asked why did I come here? I think some of them think I am in the whitness protection program.

Do I miss the city cultural life the shopping and festive affairs and other stuff like that? Sometimes, some of it. I don't miss the traffic, bad manners and outright hostility. I haven't had any of that here. On the other hand I have to travel an hour to get to a Wal-Mart, two and half hours for a large name department store. I don't know what I would buy there, I wear jeans and tee shirts during the summer and jeans and sweatshirts the rest of the year with various insulated jackets and overalls. Stuff I can get here and works here.

When I order things on line no problem UPS finds me very easlily and even the dogs know the UPS guy. The other express guys have a harder time finding the farm but they get here. Believe it or not there isn't a UPS pick up point here in this county so either I call them and have their driver pick up or I take it to the next county.

Before you take the plunge do a lot of thinking of who you are, what you want, how you want it, try it out a few times also. Your younger than you think, you can afford to make a few wrong turns.

Just a foot note if I had your money I would burn mine .

Kitty

 

[macdaddy]

I don't fit because I don't come from here. I am a good person but I am not their aunt cousin sister-in-law, grand mother what ever. More than once I was asked why did I come here? I think some of them think I am in the whitness protection program.

You could have some fun with that one...

 

[TromboneAl]

I think some of them think I am in the whitness protection program.

You could have some fun with that one...

That's what I was thinking:

Kentuckian: "Are you in the witness protection program??"

You: "Hey, Youse got a problem with dat?"

 

[Kitty]

You could have some fun with that one...

That's what I was thinking:

Kentuckian: "Are you in the witness protection program??"

You: "Hey, Youse got a problem with dat?"

ROFL,,,,you guys are quick very quick

Kitty

 

[HFWR]

"But we're them ol' boys raised on shotguns..."

Hank Jr.

 

[deserat]

Kitty,

I like the comment of "if I had your money, I'd burn mine." Very good and witty - isn't it interesting the differences on this board as to 'acceptable' lifestyles and money....different strokes etc

Deserat

 

[renferme]

Don't understand the "love" of NYC. It's too big, too crowded, too much crime,
too expensive, weather sucks, nasty people.
Lots of towns in this country with great culture, music, shows, friendly people,etc to compete very well with NYC. For example: SF, Chi., Phoenix, Pittsburgh, lots of college towns, and more.
Since I live in the suburbs of Pittsburgh, I can say we have a great symphony,
ballet, opera, summer theater downtown, broadway shows come here regularly,
a baseball team, a football team, a hockey team, lots of good restaurants, the Carnegie Museum, the Carnegie Science Center, Heinz Regional History Museum,
art galleries, half a dozen malls, over 100 golf courses, good bus system, a growing downtown new condo scene, a terrific water park, and a great amusement park locally, the mountains and skying are only a hour away.
We have everything NYC has, just not a much of it, but we have 1/5 the population.
I'm sure there are many towns in this country with similar attributes and some even have better weather!

 

[Rich_by_the_Bay]

Don't understand the "love" of NYC. It's too big, too crowded, too much crime,
too expensive, weather sucks, nasty people.
Lots of towns in this country with great culture, music, shows, friendly people,etc to compete very well with NYC. For example: SF, Chi., Phoenix, Pittsburgh, lots of college towns, and more.

If I've learned anything from a fair number of moves, it's that you can't explain or compare locations. People like places for so many reasons and one (wo)man's paradise is another's hell. Not all the alternate cities you mention are real appealing to me, for example.

As long as you enjoy where you live and feel it's worth the cost, enjoy it.

 

[renferme]

Don't understand the "love" of NYC. It's too big, too crowded, too much crime,
too expensive, weather sucks, nasty people.
Lots of towns in this country with great culture, music, shows, friendly people,etc to compete very well with NYC. For example: SF, Chi., Phoenix, Pittsburgh, lots of college towns, and more.
Since I live in the suburbs of Pittsburgh, I can say we have a great symphony,
ballet, opera, summer theater downtown, broadway shows come here regularly,
a baseball team, a football team, a hockey team, lots of good restaurants, the Carnegie Museum, the Carnegie Science Center, Heinz Regional History Museum,
art galleries, half a dozen malls, over 100 golf courses, good bus system, a growing downtown new condo scene, a terrific water park, and a great amusement park locally, the mountains and skiing are only a hour away.
We have everything NYC has, just not a much of it, but we have 1/5 the population.
I'm sure there are many towns in this country with similar attributes and some even have better weather!

 

[renferme]

Rich,
You're absolutely right. My parents retired to Clearwater, just over the bay from you, but I could never live there....too hot and HUMID, and Pinellas County is too conjested for me.

 

[Nords]

Don't understand the "love" of NYC.   It's too big, too crowded, too much crime,
too expensive,  weather sucks,  nasty people.
Lots of towns in this country with great culture, music, shows, friendly people,etc to compete very well with NYC.   For example:   SF, Chi., Phoenix, Pittsburgh, lots of college towns, and more.

I had a member of this board decide that Honolulu was too small for their acculturated tastes. No offense intended or taken.

I was a little surprised since I thought Honolulu has more surfing than any other city in the world. However it was explained to me that "culture" should also include things like the symphony, theater, art, museums, and other big structures with high ceilings & lots of empty interior space. Some of them even expect you to wear socks.

When I reflected on Honolulu's culture compared to NYC or DC or LA or other major metropolitan areas, I realized that culture has absolutely nothing to do with my criteria on where I'd live. I was last in Waikiki almost six months ago. I haven't hiked Diamond Head in over a year. I haven't been to the Academy of Arts in a decade, I've never seen the Honolulu Symphony or any of our major theaters, and I've never been to the Waikiki Shell. I've spent most of my time on the beach or at home-- and if there's any other culture I need to see here then please send me the video.

So if you're trying to choose your location based on its culture, it might be worth listing all the culture that you've experienced more than once a decade in your current location. The results could be a surprising indication of whether culture is really that important to you or not...

 

[califdreamer]

Comparing and ranking places to live is frustratingly subjective and often a complete waste of time.... but it's fun