Many people choose to move to a trendy or expensive new neighborhood. Unfortunately, many homeowners do so without actually counting the cost to the family in other ways.

Moving to a trendy or upscale neighborhood might be exciting and it might provide access to better schools, but is it worth the cost of moving ($15,000 to $50,000) and is it worth the change in your standard of living when more of your income is going into mortgage payments, increased insurance costs, and higher taxes?

Don’t overlook the fact that a trendy or upscale new neighborhood will bring other cost increases, as well. These might include a more expensive car, more expensive clothing, costly new landscaping, the cost of private schools, more neighborhood entertaining, and more. There are many hidden costs in “moving up.” Only you can decide how the move will affect your overall financial picture. How soon will you need new furniture? What added costs will there be in maintaining a pool?