If your clients are shopping around for a new place to live and work, or simply to retire, it’s important that financial professionals can help them make informed decisions based on their goals and desires and how those fit within their financial plans.
As aging clients retire, for example, many of them look for a change of scenery to spend their golden years and, where someone lives in retirement is a personal choice, but it’s also a financial one. A recent study by GoBankingRates revealed several destinations experiencing expensive growing pains. Portland, Oregon, known for its microbreweries, hipster vibe and fledgling tech scene, tops the study’s list and is expected to see the highest rise in cost of living in 2018.
GoBankingRates reached its findings by analyzing 75 of the largest cities in the U.S. and zeroing in on three key economic indicators: Zillow’s year-over-year median home value forecast; Zillow’s year-over-year median rent forecast; and the Bureau of Labor Statistics’ Consumer Price Index change between 2014 and 2017.
Findings from the study include:
• The Dallas-Fort Worth metro area had the largest predicted increase in home value; Realtor.com anticipates that this area will be the No. 2 housing market in the country next year.
• Home prices in Denver will continue to drive costs up in 2018 because of a high demand for homes and low supply of available housing.
• Of the cities on the list, San Francisco had the largest increase in the cost of consumer products and services over the last three years.
Let’s take a closer look at the five cities that will face the biggest COLA sticker shock in 2018: