Looking for a New Job in 2024? Here's Why You May Not Want to Relocate

Now that 2024 has officially begun, you may be eager to tackle a move that's been on your to-do list for a while -- look for a new job. A new position could work wonders for your financial situation. It could lead to better benefits, higher pay, and the opportunity to work toward different goals, like funding your savings account.

Plus, the start of a new year is often a good time to look for a new job. It's when companies are ready to kick off new projects and, just as importantly, it's when hiring budgets tend to refresh.

But if you're going to look for a new job this year, you may want to limit yourself to a role in your current city. Relocating could prove to be an expensive endeavor due to the state of the housing market.

Buying a home this year might really cost you

It's not a given that you'll buy a home if you decide to move somewhere for a job. But if you're currently a homeowner, you may not want to go back to renting. Doing so means having to follow a landlord's rules. And that's not an easy thing when you've had autonomy over your living situation for quite some time.

However, if you take a job that requires you to relocate, you may end up having to spend a lot more money than you're comfortable with to buy a home. First off, home prices are pretty elevated. The median existing-home sale price was $387,600 in November 2023, according to the National Association of Realtors. That's a 4% increase from a year prior.

There's also a matter of mortgage rates to consider. The average mortgage rate for a 30-year loan is currently 6.61%, according to Freddie Mac. That may be a lot higher than the interest rate on your mortgage now.

What's more, don't forget that housing inventory is generally pretty sluggish these days. If you take a job that requires you to relocate, you might struggle to find a suitable replacement home, even if you can afford one in your new locale.

Even if you aren't looking to buy a home in a new city as part of a job-related move, rent isn't exactly cheap these days. On a national level, the average rent price in November was $1,966, says Rent. And while that does represent about a 2% decline from a year prior, it's still a substantial number.

Don't hesitate to negotiate your job offer

You may realize that you'll need to relocate to pursue your dream job or a notably better job than what you have today. If that's the case, don't just talk salary when it comes to your offer. Also, try to negotiate a relocation package.

This doesn't mean your employer is going to pay for you to own a new house outright. But it's not unheard of to get a sign-on bonus, and that could at least help cover a down payment on a new home at a time when property values are up. Or, it could cover your security deposit for a rental.

Plus, it's not uncommon for an employer to cover the cost of an actual move -- such as hiring movers or paying for a moving van. So at the very least, that's something to ask for.

All told, a new job could do a lot of great things for your finances this year. But relocating for a job is something you may not want to do because of how bonkers the housing market is right now.