- A millennial couple moved from Colorado to Massachusetts to be closer to family.
- They said Massachusetts’ higher cost of living has had a negative impact on their finances.
- They shared why they’re renting out their Colorado home while they save for a new one.
If Nicole Stanley and her husband Jacob were only thinking about their finances, they wouldn’t have left the Denver suburb of Aurora, Colorado.
The couple owns a home with a monthly mortgage payment of roughly $2,100 a month, according to a document viewed by Business Insider. They were lucky enough to lock in a 2.79% mortgage rate when they bought it — the average 30-year fixed mortgage rate is over 5% today.
However, one non-financial factor began to lure the couple away from Colorado: family .
“We have a large family in the Northeast, and being near them was a priority for us as we raised a family,” Nicole, who’s 31, told BI via email. The couple has three children under 10 years old.
So last year, the couple decided to move with their kids to Mattapoisett, Massachusetts. Due to Massachussets’ “higher cost of living,” Nicole said the move has had a significant impact on their finances.