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The Wealth Advantages of Rural Living               


The latest data from the National Association of Realtors points to a trend of people seeking to move to more rural areas as opposed to living in densely-populated cities. The COVID-19 crisis may be one of many drivers for this current trend, but there are several wealth advantages to living in rural areas as opposed to densely-populated cities.

Rural areas tend to have more cost-effective expenses. Comparable houses in rural areas are less expensive than homes in urban areas. Consequently, mortgage and rent expenses cost less than similar expenses in primary markets. Mortgages and rent account for more than 50% of an individual's monthly expenses. If individuals can lower their living expenses, they can invest the savings to increase their wealth.

Similarly, professional services such as plumbers, electricians, contractors, home cleaning services, and in-house health care are typically more cost effective in rural areas as opposed to major cities. This equates to additional investment opportunities to increase one’s personal wealth.

A personal observation of how rural living increases a person’s net worth is that individuals living in rural areas tend to live simpler lifestyles. Rural dwellers seem less inclined to live materialist lives; whereas, people living in major cities like Los Angeles, Washington, DC, San Francisco, and New York City tend to be under greater pressure to live more materialistic lifestyles. People in major cities are more inclined to buy bigger homes, drive more expensive cars, and buy more expensive clothing than individuals living in smaller towns. The consumption of materialistic goods and super-sized homes are prohibitors of wealth-building activities.

Rural lifestyles are more conducive to executing the Pathway to Achieving Self-Sustainability model, or PASS. Rural areas have better access to well water, more land for gardening and livestock management, and have laws that are advantageous to individuals that need to practice self-defense strategies. Individuals living by the PASS philosophy are basing their wealth on the resources that they control and not the money that they have. And with the vulnerability of global currencies, the PASS methodology will prove to be more valuable than current wealth standards.

Finally, rural areas allow individuals to properly socially distance themselves from others; thus, providing a higher probability that one can avoid sicknesses during pandemics like COVID-19. And there is no amount of money in the world that is more valuable than one’s physical wealth








 
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