Buying Real Estate: 8 Key Factors to Help You Decide Where to Live

Property hunting is always exciting (or nearly always). However, multiple factors come into play when you are selecting a location, especially if your life goals, career plans, and family needs are in flux.

For one, your priority might shift, influencing your preferences for lifestyle and community or your new job might require a different commute.

If you have children, their ages and educational levels may demand finding another school or neighborhood. Sometimes, even the subconscious plays a role; for instance, the dream of moving into a new apartment can symbolize a deep desire for change or a fresh start, echoing your real-life considerations and aspirations for better living conditions or a new environment.

If this is the factor prompting you to get a new place, do not think less of it; it is as valid as other reasons. Also, it might be because you are finally ready to move into the dream house you have always wanted.

Whatever the case, you want to make sure wherever you are picking is most ideal for you and your family.

But how do you know which area is the best one? Here are eight key factors that may help you narrow down the decision of choosing which place to call home.

Proximity to Work or Business

If you are a nine-to-fiver or business owner, having your home within reach of your workplace is a top priority as it affects everything from the cost of living to your day-to-day experience.

Such proximity guarantees you less commute time and stress, unlike someone who lives poles apart. It could be cost-effective as you are able to save more on gas and vehicle maintenance.

Take a suburb like Arlington, VA, for instance. It allows easy access to Washington, D.C. while offering a quieter residential feel.

Of course, you would most likely not get the same serene vibe in cities like New York and San Francisco, which are typically dense and busy; however, you can be sure of moving around easily, thanks to their extensive public transportation system.

Crime Rate

Nothing beats living in a neighborhood that gives you peace of mind, particularly when you have children to raise. Even as a business owner, such an environment puts you at ease when you are not around, because you know your business property is safe from unwanted intrusions.

So, it only makes sense to consider crime rates when looking for a place to call home. You can find crime statistics in a particular state, county, or town, using the FBI’s Crime Data Explorer.

So far, cities like Irvine, CA, Gilbert, AZ, Pembroke Pines, FL, and Plano, TX have the lowest crime rates in America, which makes them desirable for living.

If they don’t cut your list, do well to check for gated communities and neighborhoods with active watch programs—Woodlands, TX, being one such with heavy community involvement.

Cost of Living

A cup of coffee in Seattle will set you back by $3.92, while the same cup in New York City will run you $6 to $7 after add-ins, tips, and tax.

Such a difference might seem like a drop in the bucket; however, you will be surprised that those extra dollar notes can quickly add up if you buy several cups in a month. This isn’t limited to coffee alone as you could also be paying through the nose for healthcare, utilities, education, and even real estate.

In essence, cities with a higher cost of living may not necessarily translate to a higher quality of life as most would believe. So, it would help if you looked for locations that offer the same quality of life at a lower cost to get the best of both worlds.

For instance, San Francisco has one of the highest housing costs in the U.S., which drops significantly as you inch toward cities like Pittsburgh. And if you are looking for states with no individual income tax, Texas and Florida are your best bet.

It's worth thinking if you can access a government grant to help with the property buying costs.

Job Opportunities

Regardless of your reason for moving, a stable source of income is a must-have as it helps you survive and grow your wealth. Not all states and cities provide much of this opportunity, which you can tell by their unemployment rates and less diverse range of industries.

Some of them tend to favor specific skill sets or disciplines, which still means a lower rate of employment for others. States like Virginia, California, New York, Illinois, Texas, and Georgia come to mind as they offer various employment opportunities across multiple industries.

Within these states are cities like Austin, which according to the Texas Workforce Commission, recorded a historic job growth of 2.7% in 2023—a percentage point higher than the national average.

Education

If you are studying or have kids who are of schooling age, you can’t afford not to search for neighborhoods with some of the best schools within a tight-knit radius.

These areas can prove to be a goldmine for your academic performance or that of your loved ones, particularly in terms of college application, job prospects, and career building, all of which reflect their overall outlook and stability.

A good case in point is living in Cambridge (home to Harvard and MIT) or Newton, Massachusetts, where you have access to some of the most prestigious institutions and programs in the world.

Healthcare

Health is wealth and cannot be ignored. Suffice to say, your ability to get prompt specialized medical services or emergency care nearby can significantly reduce your risk of health complications and improve your well-being.

As a matter of fact, it can even add to your life expectancy. And since it would cost you a fortune to treat a worsened health condition due to delay, it is wise to look out for locations with quality health facilities close by.

If you are due for retirement, you may start looking for available retirement homes in your target residence. Likewise, if you live with an elderly person, consider cities with active senior programs. This shouldn’t be a struggle for those living in Minnesota and Washington as these states provide exceptional support for frail older adults.

Climate and Air Quality

An ideal home should have the perfect weather to keep you healthy and comfortable. While some people may choose to live in places like Florida because of the sunshine, snow lovers might rather prefer the cold weather in New Hampshire.

However, what about smog? This polluted air, when inhaled continuously, can cause severe health problems like lung cancer, asthma, and heart disease.

As such, it is no surprise that neighborhoods with clean air have a quality of life—they ensure good health, which is directly linked to happiness. Some of these areas can be found in Wilmington (NC), Honolulu (HI), and Bangor (ME), where you can explore nature in all its glory with a clean breath of air.

Personal Preferences

You have spent your entire life making decisions based on your preferences, from what to eat to where to work; it is only right that you choose a city that helps you exercise such choices best.

So, if you are the outdoor type, go for cities like Denver, New York, Chicago or San Fransisco as they offer a plethora of cultural attractions, ranging from national parks to music venues and golf courses (check out the Presidio Golf Course, a historic venue located within a national park in San Franscisco).

If you are a night owl, sleepy suburbs will only bore you, which interestingly are heaven on earth for most homebodies. Notably, some of the best U.S. cities for introverts include Boulder (CO), Asheville (NC), and Madison (WI).

If you have young children, consider properties in places with reasonable cost of living, safety, and family-friendly attractions like Irvine (CA), Overland Park (KS), and Raleigh (NC).

Conclusion

Buying a property, which in itself is life-changing, doesn’t demand a one-size-fits-all process.

Several factors may influence your decision, including those discussed in this guide, but in the end, it is up to you to consider what matters to you and your family the most and how you can tailor your search to meet such.

Using our tips above, begin your research by scoping out areas that match your criteria before zeroing in on the best fit.

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Jenny Kakoudakis likes to blog about interiors. She launched award-winning Seasons in Colour in 2014 and All The Pretty Homes in 2024. When she is not chasing criminals out of the financial system (her day job), she gets creative by redecorating her own home.

Download her free bathroom renovation guide here.