If you won lottery money, would you move to a new locale?

[Yuri]

Originally Posted by Steely Dan

for like 99.9% of the this planet's inhabitants, $5M is absolutely life changing money.

but not including SSP's own out-of-touch army, of course.

I'd even add other 9s there.

It's big money. In Brazilian Real, it's R$ 26 million yielding 3.6 million/year in public bonds, risk-free. Minimum wage here is R$ 15,000/year. Median, around R$ 25,000.

With yields only, we could buy a massive penthouse on the most upscale districts of São Paulo and Rio de Janeiro. Every year.

[Labtec]

I would stay in Atlanta and buy a $1 million apartment in Seoul and spend maybe 3-4 months of the year there.

[PHX31]

This is an interesting scenario, given it's not enough to completely retire (possibly) nor live in any and all possible dream locales.

I think I'd keep my current situation exactly as it is for the most part, with the possibility of retiring and having the ability to spend more time in northern AZ during the summer months especially.

I'd probably look into buying some decent sized land in the midwest or plains.

If I was younger or single with no children and no roots it could be different.

[202_Cyclist]

Yes, I would probably move to Laguna Beach.

https://www.mansionglobal.com/articl...-record-142109

[McBane]

So it obviously depends on what level lottery we're talking about but assuming it's enough that I don't have to work anymore, I'd stay in Philly (obviously in upgraded digs) but would definitely not go overboard on any one property. There's so many amazing places in this world, I can't envision myself anchoring myself to any one or two homes. Especially once the kids grew up, I'd probably end up staying in Philly for no more than half the year.

[TonyTone]

I would 100% Buy

A condo in Philly
A beach house in Miami or Fort Lauderdale
A Crib in LA
A Farm in the Midwest or Down South
And a brownstone in NYC

[muertecaza]

Originally Posted by Buckeye Native 001

I'd buy a house in Flagstaff, but I have no desire to move.

Hope we don't win the lottery at the same time, we might be competing for the same house .

I don't think I'd want to move out of Arizona and too far from family/friends, but I'd definitely be looking at moving out of the Valley and up to Flagstaff. Maybe up 89 off Copeland where the fire was recently, or maybe in town (although some of the places in town would take a pretty hefty chunk out of that $5m).

There are some neighborhoods in Tempe I would consider as well. In general I'd be looking for an incremental step up to my ideal rather than a wholesale change.

[homebucket]

Originally Posted by TonyTone

I would 100% Buy

A condo in Philly
A beach house in Miami or Fort Lauderdale
A Crib in LA
A Farm in the Midwest or Down South
And a brownstone in NYC

You're not getting that for $5 million.

[iheartthed]

Originally Posted by homebucket

You're not getting that for $5 million.

Yeah, you might be able to buy one of those things lol. Maybe $5 million could cover a condo in Philly and a nice farm in the Midwest. But a brownstone in livable condition in NYC is going to easily eat up $5 million.

[Buckeye Native 001]

Originally Posted by muertecaza

Hope we don't win the lottery at the same time, we might be competing for the same house .

I don't think I'd want to move out of Arizona and too far from family/friends, but I'd definitely be looking at moving out of the Valley and up to Flagstaff. Maybe up 89 off Copeland where the fire was recently, or maybe in town (although some of the places in town would take a pretty hefty chunk out of that $5m).

There are some neighborhoods in Tempe I would consider as well. In general I'd be looking for an incremental step up to my ideal rather than a wholesale change.

I didn't think the flooding in Timberline and Doney Park could be any worse than what I witnessed in the aftermath of the Schultz Fire in 2010 (I worked at Coconino County Public Works at the time) but its somehow worse this time around. Just absolutely catastrophic, and I've got tons of coworkers who live up that way who had to create a fortress of concrete barriers and sand bags around their properties.

Not too many places in-town would set you back $5 million, although the cost of living sometimes makes it feel that way ("California prices at Arizona wages!"). I'd prefer to be somewhere close to downtown, like Townsite, Cherry Hill or NoHo/Hospital Hill. No idea what's going to happen (if anything, given the town's continued desirability) as the real estate market cools.

And then there's water, or lack thereof. We haven't had enough snowpack to keep the reservoirs full for a while now thanks to La Nina, and we're looking at potentially another quiet/mild Winter this year

[AaronPGH]

I'd get a much better spot in Pittsburgh, and grab a vacation home in Utah.

[AviationGuy]

Originally Posted by muertecaza

Hope we don't win the lottery at the same time, we might be competing for the same house .

I don't think I'd want to move out of Arizona and too far from family/friends, but I'd definitely be looking at moving out of the Valley and up to Flagstaff. Maybe up 89 off Copeland where the fire was recently, or maybe in town (although some of the places in town would take a pretty hefty chunk out of that $5m).

There are some neighborhoods in Tempe I would consider as well. In general I'd be looking for an incremental step up to my ideal rather than a wholesale change.

How about Sedona? The photos I've seen of Sedona show an unbelievably beautiful setting for a city.

[austlar1]

At my age (76), moving might be quite a bother. I'd likely upgrade my digs here in Austin and do a bit more traveling, including extended stays in some of my favorite locales. I could easily make do with high-end short term rentals or really nice hotels as opposed to trying to set up a new home somewhere.

[bobdreamz]

Originally Posted by TonyTone

I would 100% Buy

A condo in Philly
A beach house in Miami or Fort Lauderdale
A Crib in LA
A Farm in the Midwest or Down South
And a brownstone in NYC

For $5 Million you aren't getting a beach house in Miami!
It's a Condo for you!

[mousquet]

Although lots of locals can be stupidly annoying or rude, I wouldn't leave Paris.
It's too much of a fascinating city to live.

Originally Posted by Steely Dan

let's say you got stupid lucky tonight playing the lottery and woke up $5M richer tomorrow morning, are you sticking around your current town, or are you bolting for greener pastures elsewhere in the world?

$5M could buy me a larger apartment. Even though local real estate tends to be ridiculously overpriced, you may purchase something really good and comfy for that kind of money.
Maybe not in the most exclusive districts, but yeah, $5M is still a lot of money to me.

[lio45]

I get the point of the question.

Since I’m not stuck at all where I currently am, an extra $5M of wealth wouldn’t change anything. I’d invest it, and as a result, have a slightly larger portfolio. ($5M doesn’t really buy you that much nowadays.)

If I had approximately unlimited resources though, then that’s a different question: I’d almost certainly relocate. I’d become much more YOLO.

[lio45]

Originally Posted by homebucket

You're not getting that for $5 million.

Originally Posted by iheartthed

Yeah, you might be able to buy one of those things lol. Maybe $5 million could cover a condo in Philly and a nice farm in the Midwest. But a brownstone in livable condition in NYC is going to easily eat up $5 million.

Originally Posted by bobdreamz

For $5 Million you aren't getting a beach house in Miami!
It's a Condo for you!

Exactly. $5M is not chickenfeed but it’s not “let’s do whatever we want” money by any means.

The question could instead have been “would you decamp from your current city/region if you had enough means to do that right now?”

(At least half this forum would likely respond “I actually have the means to change regions right now, if I wanted, but I don’t”)

[JManc]

I'd actually return to Houston. I already own a house there and we'd do some renovations and bank the rest of the cash in an index fund.

[lio45]

Originally Posted by JManc

I'd actually return to Houston. I already own a house there and we'd do some renovations and bank the rest of the cash in an index fund.

“There’s no place like home”. Amusing how true this is.

You’re in the Bay Area, but you’d rather live in Houston. You’re only in the Bay Area for $ / opportunity.

Contrast that with, say, what homebucket would say. He would probably not move to Houston, even for a better opportunity than what he’s currently got.

[tdawg]

I would probably buy a larger place with a view somewhere here in NYC as well as something either in Spain (maybe the Costa Brava) or South of France.