The Hidden Financial Benefits of Living in a Thriving Community (and Why Moorestown Excels)

KEY TAKEAWAYS

• The location you choose to live in can impact your life in many ways, improving your quality of life and potentially resulting in lower lifetime expenses.
• Quality of schools, community strength, walkability, and commuting distance to work are among the largest impactors.
• Moorestown, NJ, is an exceptional place to live.

Housing is typically the largest expense for Americans, with transportation (cars) being a close second. Many retirement and financial independence-focused financial planners advise moving to a lower-cost-of-living area or downsizing. These advisors are correct; there are significant savings to be had by choosing an economical location and purchasing a home adequately sized for your needs. Spending too much on a large home or moving to a fancy location to keep up with the Joneses can be a financial anchor delaying your plans for early retirement.

Despite this truth, there are good reasons not to base your decision strictly on upfront costs. Many of the best qualities of a community may save you money over time. My family considered financial and subjective reasons when we moved back to the North East from Frisco, Texas.

We looked at many areas in the Philadelphia area and eventually landed on Moorestown, NJ. Our decision was validated when Moorestown was named the best town in South Jersey in 2021, 2022, and now again in 2024 by South Jersey Magazine. While South Jersey Magazine is not a financial publication, many aspects of a good community will positively impact your finances. Here is their complete 2024 ranking:

Choosing a great town like Moorestown can be a smart move financially for many reasons:

Great Schools

The value of living near high-quality schools is clear for parents of school-aged children. Living in a good school district provides a good education and can save the expenses associated with private schools. Even singles and couples without children should consider the public education system when choosing where to live. Home values tend to rise faster in good school districts than comparable locations with lower-ranked schools. According to a study by the Federal Reserve Bank of St. Louis, this trend is even more pronounced in the best school districts.

Moorestown is an ideal place to raise a family, with highly rated public schools, safe neighborhoods, and a superb quality of life. According to Niche, the Moorestown School District has been ranked in the top ten in the state.

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Three smaller elementary schools are located within walking distance of most residents' homes. Walking my daughters to school every morning while they were in elementary school will always be one of my favorite memories. After elementary school, the three schools combine in fourth grade at the Upper Elementary School, where the children continue with their classmates until graduation from high school. More than 90% of high schoolers continue beyond secondary education, with acceptances at over 260 colleges and universities. Over 75% of students attend schools outside of New Jersey (which is a big financial negative!).

Walkability

Few suburban towns in America with great schools and a good quality of life are walkable. The benefits of living in a walkable area are tangible throughout life, from earlier independence in childhood (my kids have been able to ride bikes to friends' houses and the pool since third grade) to remaining independent in later life when driving becomes dangerous. Walking to work can help you lose weight and build mental fortitude.

Anything you do to keep excess weight off, however small, will help your quality of life. Excess weight harms health in many ways, increasing the risk of developing conditions such as diabetes, heart disease, osteoarthritis, and some cancers. Adults with obesity are expected to have higher annual medical care costs, over $2,500 per year more than those with average weight.

Sadly, the lack of walkable towns in America is such an issue that organizations like Not Just Bikes and Strong Towns are dedicated to improving the situation. My family chose to live in the center of Moorestown, within walking distance of the library, rec center, and Main Street. Our Main Street may not be booming, but it has an ice cream parlor, several pizza places, a bagel shop, coffee shops, and a small toy store. This may sound boring to some adults (sadly no brewery yet), but it's more than enough for kids and young adults. My kids, 11 and 14, ride bikes or walk there on their own, gaining a sense of freedom and independence.

We are also a short 1-mile bike ride along tree-lined streets to the town swim club, Sunnybrook Swim Club, where we spend our summers between swim team, diving, and socializing. Sunnybrook is such a draw for kids that families with backyard pools and country club memberships still join to be where their kids' friends are. Most of this article was actually written at the poolside using the club's provided Wi-Fi. The club is a dream job for many high schoolers as it primarily employs them as lifeguards, snack bar servers, front desk attendants, and private swim instructors. There are also opportunities for booming babysitting businesses.

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Community

Having a walkable town leads to a closer, stronger community. Main Street hosts several family events throughout the year, including Daffodil Day, Moorestown Day, the End of Summer Block Party, Autumn in Moorestown, the Halloween Parade & Costume Contest, the Longest Table, and Porch-Fest. Recently, some events have added local brewery tents, adding fun for the adults. For some reason, attendance is always higher for events with brewery or wine tents, however.

Main Street is also home to the Moorestown Community House, a historical building with impressive architecture. It was once the town's rec center and still has the old pool in the basement. Now a nonprofit, it rents out the upper floors to other nonprofits as office space; the lower rooms are available to host large private and public events. We celebrated one of my wife's birthdays there. The open events are rowdier, such as the local volunteer fire house's beer-tasting fundraiser in the fall and the Community House's wine-tasting fundraiser in the spring. But soon, the Community House will also be the location of Moorestown's first Brewery, a collaboration between Kings Road Brewing, the Community House, and Rowan College.

Having such an active community decreases the desire to commute into the city for entertainment, reducing the need for Ubers and the expense of overpriced meals. Most community events are also family-friendly, reducing the cost of babysitters.

Location

Moorestown offers diverse employment opportunities, with many conveniently located in town. My office, for example, is situated in a four-acre business park just off Main Street, which alone houses over 120 jobs. Additionally, most of Main Street is lined with buildings featuring storefronts on the ground level and offices above, providing ample opportunities for businesses and professionals alike.

Even if your job requires an urban environment, Moorestown's location remains advantageous. Just across the Delaware River from Philadelphia, it's easy to work in downtown Philadelphia while still enjoying Moorestown's excellent schools, high quality of life, and lower cost of living. With the rise of remote and hybrid work, even commuting to New York City is feasible. A commute from Moorestown to Manhattan takes roughly 1.5 hours, including a short 30-minute drive to the Hamilton train station followed by a regional rail ride, making the commute less stressful than driving directly into the city.

Even if your job requires an urban environment, Moorestown's location remains advantageous. Just across the Delaware River from Philadelphia, it's easy to work in downtown Philadelphia while still enjoying Moorestown's excellent schools, high quality of life, and lower cost of living. With the rise of remote and hybrid work, even commuting to New York City is feasible. A commute from Moorestown to Manhattan takes roughly 1.5 hours, including a short 30-minute drive to the Hamilton train station followed by a regional rail ride, making the commute less stressful than driving directly into the city.

But Moorestown's appeal extends beyond its proximity to employment. Whether you're seeking vibrant city life or a peaceful escape into nature, Moorestown offers convenient access to both. Philadelphia and New York City offer a wealth of entertainment and cultural options and are easily accessible for day trips. Beyond city life, outdoor enthusiasts can enjoy Wharton State Forest, less than 30 minutes away, with nearly 123,000 acres of Pineland wilderness to explore. For beach lovers, Moorestown is just 65 minutes from the shores of Long Beach Island. And in the winter, skiing at Blue Mountain Ski Resort in the Poconos is less than two hours away.

Live Where You Love, Thrive Where You Live

Moorestown's charm isn't just about aesthetics or amenities. It's about fostering a lifestyle that enriches your well-being while potentially benefiting your financial future. Strong schools not only educate children but also increase property values. A walkable community promotes health, reduces transportation costs, and fosters stronger social ties. A vibrant local scene reduces the need for expensive outings and entertainment.

Choosing a place to live is about more than just the numbers on a spreadsheet. It's about finding a community that aligns with your values, supports your lifestyle, and enhances your overall quality of life. While Moorestown is a shining example, countless other towns and cities across the country offer similar benefits. By prioritizing factors like schools, walkability, community, and proximity to work and leisure, you can find a place that feels like home while also setting yourself up for financial success.

Remember, where you live isn't just an address; it's an investment in your present and future happiness.

If you're looking for guidance on how to achieve your financial goals and create a life you love, set up a free consultation now. We at Purpose Built are here to help you navigate your financial journey, wherever it may lead you.

FAQ

Q: Is Moorestown affordable for families?

A: While Moorestown's cost of living may be higher than some other areas, it offers long-term financial benefits through excellent schools, walkability, and a strong community. These factors can lead to lower expenses over time. With smart financial planning, Moorestown can be a surprisingly affordable place to live.

Q: What are the job opportunities like in Moorestown?

A: Moorestown offers diverse employment opportunities within the town itself, with many businesses located conveniently on and around Main Street. Additionally, its proximity to Philadelphia and New York City opens up a wider range of job possibilities, especially with the rise of remote and hybrid work arrangements.

Q: What is there to do in Moorestown?

A: Moorestown boasts a vibrant community with numerous family-friendly events, a charming Main Street with shops and eateries, and a historic community house. It also offers easy access to outdoor activities in Wharton State Forest and Long Beach Island, as well as cultural attractions in Philadelphia and New York City.

Q: Is Moorestown a good place to raise a family?

A: Absolutely! Moorestown's top-rated schools, walkable neighborhoods, safe environment, and strong sense of community make it an ideal place for families. The town offers various activities and resources for children and adults, fostering a fulfilling and enriching lifestyle.

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About the Author

Sean Lovison, CPA, CFP®, is a flat fee-only financial planner based in Moorestown, New Jersey, serving clients virtually nationwide. After spending 14 years as a corporate chief financial officer (CFO), receiving and designing compensation plans, he decided to help others navigate their plans.

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