Cross-Unit Assignment: Relocation

Financial Literacy Cross-Unit Assignment: Relocation

Assume that you and your spouse/friend are in your mid to late twenties and both are part of the workforce. As two working class people with a combined income of $135,000.00 you have decided to enter the housing market and therefore purchase you first home. The only problem, the cost of owning a home in New Jersey has escalated to the point where the average home is $350,000.00 and the overall cost of living is exorbitant. Obviously you cannot afford the down payment (normally 20%) and the monthly payments of mortgage and taxes (2,700.00).

After contemplating you future, you have decided to look elsewhere since both your occupations are flexible. Since you will be leaving the tri-state area you can assume that your income will decrease by 25%. You have saved only $25,000 (lots of student loans to pay off) for a down payment and to stay within the debt load of 25% for housing you can only purchase a home for under $200,000.00.

Now the big question, where are you going to live? Consider the following when choosing your future home.

 Climate

 Cost of living

 Education

 Social atmosphere

 Distance from family

 Culture…progressive

 Entertainment

 Job availability

 Level of unemployment

Use any site you wish to help you find this information: Bankrate.com

Weichert.com Coldwellbankermoves.com

Remax.com

Realtor.com

City-data.com

Google the term “top cities to live in the us”

1. Research a place to live based on the criteria listed above and write out your reasons for moving to a particular area. (have a written reason for each criteria & have/save evidence # 2)

2. Cite evidence for each criteria to back up/prove your reasons from the research.

3. Attach a copy of the home listing that you choose.

4. List/Cite other things that you will have to consider from the units from the first semester (Financial Math, Goals, Budgeting, Credit, and Banking etc….) (more than one per unit)

5. Be specific!