financial advantages living small town

Living in a small town does have its advantages. While most people prefer living in big cities as it makes it easier to get a job, the same thing can be said about small towns.

For those of you who are indeed living in small towns, like Canon Georgia, then do know small-town living comes with its advantages. That’s exactly what we’ll talk about in this article.

Lower Cost Of Living

We can measure the cost of living in any small and big town across the United States. This measurement helps you figure out if the cost of living is higher or lower than in other cities.

And for smaller towns, the cost of living index is, in many cases, much smaller. This makes the cost of life lower. And for small towns like Canon, Georgia, we can compare the index to the national and state indexes. We do this to determine whether or not living in smaller towns is more or less expensive.

Looking at this index page, the small town of Canon, Georgia, has a cost of living index of 80. When compared to the national index of 100 and the state’s own index of 93, we can safely assume a few things. The first is that living in this small town is 20% less expensive compared to a national level. The second thing is that it’s 13% less expensive on a state level.

In simple terms, one of the biggest financial advantages of living in a small town is that the cost of living is much lower.

Cheaper Housing

It’s important to understand that living in a small town doesn’t mean you’ll pay less for housing. Some small towns across the United States have much more expensive housing than in big cities.

But these are one-offs and usually tied to other factors. It is generally accepted that housing is cheaper across smaller towns. This means you’ll pay lower rent and will be able to buy more house for the same price when buying in the big cities.

This is one financial advantage that everyone should know if they plan on moving out of the big cities. According to this Bloomberg report, Americans are moving out of big cities in the thousands. While we shouldn’t call this an “urban exodus,” you should act fast before all the affordable small-town housing goes away.

Unique Options To Make Money

The biggest reason why people move to big cities is because of employment opportunities. Let’s not beat around the bush; smaller towns have much smaller employment opportunities. But that doesn’t mean there aren’t ways to make money.

If you’re smart about it, you could create something unique that people from all across the state will come just to see it. Maybe you’re thinking of opening a restaurant or an inn that could potentially drive traffic through the roof.

While it’s harder to say it than to actually do it, there are indeed opportunities to make money living in a small town. All you need to do is research what that is and play it smart.

Lower Insurance Rates

Yet another financial advantage to living in a small town is that most types of insurance cost lower. In this category, we can add auto insurance and home insurance. Since we can assume that crime is much higher in big cities than in smaller communities, it means insurance companies don’t have to charge as much.

In a small town of 1,000 people, the chance of hitting someone on the road is much smaller than in a city with millions of drivers. More so, home insurance is much cheaper since crime is generally low in smaller communities. This means break-ins, vandalism, or theft are none existent.

But that doesn’t make it a rule. Most Americans are aware that hurricanes and similar natural disasters hit the US almost every year. If your small town is prone to natural disasters, you won’t find cheap car and home insurance.

Lower Parking and Gas

Some of you will put these two under the “cost of living” section. But it’s important to mention that many small towns pay less for gas. While it might sound strange to you city folk, the financial advantages of living in a small town aren’t always related to cheaper housing or consumer goods.

It is estimated that big city commuters waste $1,400 on average per year on gas. Since rush hour and traffic jams are all-too-common in big cities, commuters waste a huge amount of gas by sitting idly. This report by Business Insider found that to be true. Also, commuters in LA waste, on average, 128 hours in traffic jams each year.

The same cannot be said about living in smaller towns.