Chris Larsen says check a state's fiscal health before buying a family home. Fiscally stable states tend to have lower, more stable taxes. States in trouble may raise income or property taxes to cover bills and pensions, which cuts into your savings.
One of the things that I like to look at when I was specifically looking for a long term place to start a family, build a home was the state's fiscal health. And there's a ranking that's done every year by U.S. news. You can just type in states fiscal stability, U.S. news, this report is going to pop up. And these states typically tend to be more business friendly. They also tend to have air a more conservative approach to finances. And why is this important? If a state has good fiscal health, that means that its taxes are probably going to be lower or more stable. If a state is in fiscal trouble, that means it's going to have a hard time paying its bills. It may have a hard time paying its pensions. It may need to raise taxes, both income and property taxes. And that's going to be challenging if you're going to try to grow your savings and your income.
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