A new domain means a whole new set of expenses. It's important to know what you are getting yourself into, so plan early and budget accordingly - or else you may find yourself with no electricity, food or water.
- Start-Up Costs - Remember all those companies you had to notify about your move, such as the electric and cable companies - well now you have a whole new set of these to worry about. When setting up the essentials, there are often deposits and/or start-up costs required. Be sure to ask about special discounts or free installation options. In addition, you will need to anticipate costs for changing your driver's license or other forms of identification. If you are moving to a different state, you will incur costs for new license plates, vehicle registrations and insurance. If you are a licensed professional, you may also need to obtain new licensing or certifications.
- Changing Your Locks - For your safety and peace of mind, you should always change (replace or re-key) all locks when moving to a new home. In a rental home, this may already be taken care of, so be sure to ask.
- Decorating the New Place - A new home often means wanting new stuff, whether you need a change or simply don't have enough to fill the new space. This can range from draperies and shelving to paint supplies or even new furniture. Though exciting, you should make sure you know what you're getting yourself into and plan ahead of time for what you may need.
- The Essentials - Because you probably avoided buying groceries for weeks and weeks before your move, there is more than likely a lack of food at your new place. Restocking an entire kitchen can be time consuming and expensive, so be sure to know this and set aside some money ahead of time.
Lifestyle Changes
When moving to a new area, especially a new state, your cost of living can change drastically - in some cases it can even double or triple, or even better, be reduced.
A big change in cost can come from varying electricity prices. According to the Energy Information Administration (www.eia.doe.gov/cneaf/electricity/epm/table5_6_a.html), in 2005, the cost of electricity was as low as 6 cents per kilowatthour in Kentucky to more than 23 cents in Hawaii, with average costs just fewer than 10 cents.
Cost of Residential Electricity by U.S. Region in Cents per Kilowatthour, November 2005
| Area |
Average Cost |
| New England (Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, Vermont) |
14.11 |
| Middle Atlantic (New Jersey, New York, Pennsylvania) |
13.15 |
| East North Central (Illinois, Indiana, Michigan, Ohio, Wisconsin) |
8.48 |
| West North Central (Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, South Dakota) |
7.6 |
| South Atlantic (Delaware, District of Columbia, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia) |
8.99 |
| East South Central (Alabama, Kentucky, Mississippi, Tennessee) |
7.96 |
| West South Central (Arkansas, Louisiana, Oklahoma, Texas) |
10.79 |
| Mountain (Arizona, Colorado, Idaho, Montana, Nevada, New Mexico, Utah, Wyoming) |
8.57 |
| Pacific Contiguous (California, Oregon, Washington) |
10.12 |
| Pacific Noncontiguous (Alaska, Hawaii) |
19.17 |
Source: Energy Information Administration, Form EIA-826, "Monthly Electric Sales and Revenue Report with State Distributions Report."
When you move, you may also see a drastic change in your insurance costs. According to a recent article by Forbes (www.forbes.com/2005/02/25/cx_sc_0225home.html), the average homeowner's insurance premiums may surprise you. Though many people may assume California - a notoriously costly state - would have the highest homeowner's insurance premium that was not the case. In fact, California didn't even make the top 10.
Most Expensive Average Homeowners Insurance Premiums by State, February 2005
| State |
Average Cost |
| Texas |
$1,238 |
| Louisiana |
$840 |
| Oklahoma |
$800 |
| Florida |
$786 |
| District of Columbia |
$697 |
| Kansas |
$684 |
| Mississippi |
$668 |
| Alaska |
$668 |
| New York |
$661 |
| Colorado |
$660 |
Source: Forbes.com, "The Most Expensive States to Ensure Your Home 2005" by Sara Clemence
These changes are certainly not limited to insuring your home. Auto insurance costs also vary depending on where you live. For example, in 2003, insured motorists in New Jersey paid more than twice as much as those in North Dakota, according to statistics by the National Association of Insurance Commissioners (www.iii.org/media/facts/statsbyissue/auto/).
Average Auto Insurance Premiums by State, 2003
Most Expensive
| State |
Cost |
| New Jersey |
$1,188.42 |
| New York |
$1,160.80 |
| District of Columbia |
$1,129.31 |
| Massachusetts |
$1,051.60 |
| Florida |
$1,015.11 |
|
Least Expensive
| State |
Cost |
| North Dakota |
$536.30 |
| South Dakota |
$563.18 |
| Iowa |
$580.15 |
| Idaho |
$585.34 |
| North Carolina |
$604.75 |
|
Source: National Association of Insurance Commissioners (NAIC), State Average Expenditures and Premiums for Personal Automobile Insurance, 2003
You may also see a change in your income tax, sales tax and property taxes. In 2002, average annual property tax costs ranged from just over $300 in some states to almost $2,000, according to information from The Public Policy Institute of New York State, Inc. (www.ppinys.org/reports/jtf2004/propertystax.htm)
Average Property Taxes by State, 2002
Most Expensive
| State |
Cost |
| New Jersey |
$1,872 |
| Connecticut |
$1,733 |
| New Hampshire |
$1,703 |
| Maine |
$1,477 |
| New York |
$1,402 |
|
Least Expensive
| State |
Cost |
| Alabama |
$329 |
| Arkansas |
$371 |
| New Mexico |
$408 |
| Oklahoma |
$425 |
| Louisiana |
$434 |
|
Source: U.S. Census Bureau, calculations by The Public Policy Institute
|
