The goal is to get to FI as quickly as possible without sacrificing too much in regards to quality of life. Looking for places that are cheap, but also not a total bore to live in for someone in their 20s and single. Salary would remain the same regardless of location.
My ideal city:
Warm weather
Stuff to do
Owning a car not mandatory (might have to compromise on this)
Cool/interesting people
Affordable real estate market that could also make a good investment
Low taxes (eg. no state income tax)
Miami, FL seems like it’d be ideal for me, but I’m afraid of rising sea levels turning it into an Atlantis. Puerto Rico intrigues me, but it’s less politically stable, the local economy sucks, and I’d have to learn Spanish (not necessarily a bad thing). Austin, TX seems like a potential good fit, but I’ve never been there.
Would like to hear your thoughts!
EDIT: Forgot to mention Vegas. Cheap and seems like a fun city.
What about trying a few cities before you settle into anything? Rent a shared room someplace which should be super cheap. Try the city for a month or two to see if it takes. If not, then on to the next one.
Being in NYC these days and knowing the feeling, I would give Austin, TX good marks. I’ve had fun there and its a good city.
Las Vegas also has cheap housing and lots to do. But also lots of places to spend your money.
If you move timezones, also consider if that means waking up at 6am for morning calls. Might be good or bad for you based if you are an early bird.
Definitely Savannah GA. It exceeds all of your bullet points except for the state income tax. My company recently moved me here from Northern VA and I have been blown away by the beauty, diversity, and friendliness of the city. It is rather small (I think only 120,000 people), the food is great, southern hospitality cannot be understated, and you will never find a more eclectic group of people.
i’d take a look at tampa/st pete and maybe orlando. miami is awesome but it’s expensive as hell, especially if you live in the grove or near the beach. my savings rate skyrocketed when i moved from the northeast to florida. car ownership is mandatory all over the state though.
Nashville, TN. Arguably one of the coolest places in the region. Great live music all the time, and not just country, but anything you wanna hear. Jack White has a damn record store here. Awesome areas full of various social groups and all featuring very different vibes. People are friendly here. Young people come from all over to be a part of the city for the culture and businesses. The girls here are painfully gorgeous. It’s easy to travel from the air in and out of BNA or on the road to all kinds of cool places for weekend trips should you care to leave. Travel destination for many folks, loads of interesting people coming through daily from out of town. No state income tax. The food, man, so much good food. Seasons are as balanced and lovely as you could hope for. Tennessee is home to gorgeous mountains and rivers, waterfalls spot the state. Largest underground cave network in the US waiting to be explored. Fast growing tech sector and financial sector. Relatively inexpensive based on comparable metrics of other similar cities. God I could keep going forever.
As a remote worker for 5+ years now I would add this to your list:
Stable + high quality internet. I would nix Puerto Rico on this.
Nearby large airport. I used to fly out of Denver and it was great for 4-5 hour flights to either coast. May depend on the actual work you end up doing, but a few face to face meetings a year is typical even for a full time telecommuter.
Not sure about your other requirements… most places weather will eat into your budget for either heat or AC. And places that don’t need either and have the other items on your list are usually the expensive areas of the country to live. Not many cities in the US can go without a car, while also being a cheap place to live.
On income tax you should also check the state’s other taxes to see if they may impact you. Some no income tax states make it up in sales/property taxes.
Interesting question! I think about this as well. Looking forward to responses.
I’d probably definitely say a US state with no income taxes. Obviously Florida comes to mind. Miami is too busy for me personally, maybe somewhere more quite, perhaps on the bay side. Tennessee also has some potential.
I’m kind of curious why something like “reliable high speed/no cap internet” isn’t on the list. I’m in the same position and that’s pretty much my top “go/no go” for any relocation.
During my more foolish years I lived on a sailboat and bounced from Boston to New Orleans and all hospitable harbors in between as an IT nomad.
Austin is great for a single 20s high earner (if you live in the heart of the city a car isn’t needed). Parts of Colorado would be very nice too. Personally I’d head to Mexico and really bank those earnings.
If your a rich, douchy, materialistic asshole with no brains, then Miami is right for you! Oh and if you don’t know Spanish just ignore all the Latinos that will hate you. And Miami isn’t “warm” weather, it’s blisteringly hot and humid for 8 months out of the year. Also owning a car in mandatory, but have fun driving around with a bunch of maniacs.
experience: I’ve lived in South FL all my life. Don’t do it.
Ohio has three of the cheapest cost of living cities in the nation based on rent. This is definitely a decision you should base on your hobbies and weather preferences, just know that the coasts are more expensive.
Look for medium sized cities with at least one university, a thoroughly decent large hospital, and a good solid diverse economy that offers many different types of employment. Then check their public transport systems. You’re looking for a satellite community at the end of a busy public transport rail line (like they’ve put in the trainline right out to the edge of the city then decided what the heck and extended it to the next large town along) that still has very large affordable acreages within easy distance of that mass transport line.
I’m in the same position that you speak of, except I’m older than 25. I second Miami FL. Well South Florida in general. There’s always something going on and you can find decent prices on places to live depending on how far inland you’re willing to move.