When considering relocation for a new job, it’s essential to weigh the potential benefits against the challenges and potential downsides. These may include leaving behind friends and family, adjusting to a new environment, and dealing with the logistics of moving. Assessing the specific job opportunity, the location, and its alignment with your personal and professional goals will help you make an informed decision.
So, is relocating when interest rates are high worth it? Should you wait for the real estate market to improve, or rates to fall? Well, that answer is different for everyone. If you don’t own real estate, then you really have nothing to lose. Wages in healthcare have never been higher, and there are plenty of opportunities to be found. For homeowners, the positive benefits can also outweigh the negative.
If we take a step back and look at rates over the long term, they are still close to the historic average. Freddie Mac — the main industry source for mortgage rates — has been keeping records since 1971. Between April 1971 and October 2023, 30-year fixed-rate mortgages averaged 7.74%. So, while rates have been significantly lower over the last few years, these new rates might be here to stay. If one of the factors you are considering is mortgage rates, then you are not alone. However, history tells us that you might consider a move since current rates are rather normal, housing will not get any cheaper, and the job market is better than ever. We might never see rates below 4% again. So, here are a few factors to consider.
Career Advancement in Healthcare:
Relocating for a job in healthcare can open up new opportunities for career growth and advancement. It may allow you to work in a new market, get cross-training, or move into management. There can be greater potential for professional development and advancement with other organizations. Moving to a new location in order to work for an organization that is growing can increase your chances of finding a rewarding path forward.
Increased Pay:
Relocating to an area with a higher cost of living or a strong job market can often lead to higher pay and better overall compensation packages. Certain regions (see our 2023 Compensation Review) may offer higher wages or more lucrative opportunities for your specific skills, allowing you to potentially increase your earning potential.
Expand Your Healthcare Network:
Moving to a new location for work provides an opportunity to expand your professional network. You’ll have the chance to work with different medical equipment, meet new colleagues, industry professionals, and potential mentors. Building a broader network can enhance your career prospects long-term, provide valuable connections, and open doors to future opportunities.
Personal Development in Healthcare:
Relocating for a job can offer personal growth and development. You’ll be exposed to new systems, experiences, cultures, and ways of life. It can broaden your perspective, enhance your adaptability, and improve your problem-solving skills as you navigate the challenges and adjustments that come with making a job change.
Diverse Life Experiences:
Moving to a new location can provide a chance to experience different lifestyles, traditions, and cultural practices. It allows you to immerse yourself in a new community, explore new surroundings, and embrace different perspectives. These diverse life experiences can enrich your personal life and broaden your horizons.
Enhanced Healthcare Resume:
Relocating for a job can enhance your resume. I’ve helped many people find employment opportunities with some of the most reputable healthcare organizations on the planet. Now, they move to the top of the list when competing for a job, all because they have this organization on their resume. It demonstrates your flexibility, adaptability, and willingness to take on new challenges. Employers often value candidates who have successfully navigated and thrived in different locations and work environments, making you a more attractive candidate for future opportunities.
Personal Renewal:
For some individuals, relocating for a job offers a fresh start and a chance for personal renewal. It can break routines, provide a change of scenery, and ignite new passions. Relocating can invigorate your enthusiasm for work and life, leading to increased job satisfaction and personal fulfillment.
There is an old saying, “the path is easier if the promise is clear”. So, if the path looks good, take it. Sure, moving is no fun but thousands of people do it daily. Owning a home should not be a reason to stay in an undesirable situation, as long as the promise is clear.
