Charley and his girlfriend realized it was time to go when measures to outlaw gender-affirming care swept through Texas last summer. They told MPR News that their move to Minnesota felt more like a runaway than a typical move.
Many more trans and queer people have been making financial plans to relocate to a new state or nation with laws safeguarding LGBTQ+ rights and access to healthcare since November 5.
According to a 2024 National Center for Transgender Equality survey, 47% of transgender Americans had thought of leaving their home states because of anti-LGBTQ laws.
Donald Trump, the incoming president, ran on an anti-trans platform that jeopardizes the healthcare and fundamental rights of our community. Republicans introduced 32 new anti-trans measures the day after his election, bringing the total number of anti-trans bills introduced in recent years to over 600.
Since 2022, I have been writing about how anti-trans laws affect our communities financially. I support clients with both short-term and long-term goals to relocate to a safer state as a financial consultant at Queer & Trans Wealth. In search of communities outside of my highly Catholic background in the St. Louis, Missouri, suburbs, I have relocated to cities such as New York, Chicago, and Los Angeles.
I can personally attest to the challenges of packing up your entire life and relocating to a new location for safety. Since moving is, let’s face it, quite costly, here are five financial advice for those who must relocate before Trump takes office on January 20 or within a year of his inauguration:
To improve your credit score quickly, increase your credit limit
The majority of landlords require a credit score of at least 650 in order to approve a tenant for an apartment without a cosigner, according to online rental marketplace ApartmentList. Higher credit scores are required by certain landlords in cities with more competitive housing markets.
Requesting a credit limit increase over the phone from your credit card company is one of the quickest ways to raise your credit score.
Your credit utilization ratio, or how much debt you have relative to your credit limit, is the main element that affects your credit score. Divide the sum of your credit card balances by the amount of your credit limits to determine your ratio. For instance, if you have three cards with the balances listed below:
Divide the sum of your credit card balances by the amount of your credit limits to determine your ratio.Transgender and Queer Wealth
You have a $10,000 total limit and a $5,500 total balance. $5,500 Your credit usage percentage is 55% if you have $10,000. A higher credit score results from a credit utilization percentage of 30% or less.
In this case, you would need to request a $8,000 limit increase from your credit card providers in order to reduce your credit utilization ratio to 30%. This may appear as:
In this case, you would need to request a $8,000 limit increase from your credit card providers in order to reduce your credit utilization ratio to 30%.Transgender and Queer Wealth
A few warnings:
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You must be in good standing with your credit card companies (i.e., no missed or late payments) and have proof of income to be approved for an increased credit limit.
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This method only works if you don t increase your credit card balances that means you have to stop using them altogether.
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If you struggle with compulsive spending or if you rely on your credit cards to bridge the gap between your income and expenses, this method is not recommended. Increasing your credit limit might get you into more debt in the long run.
For trans people who have changed their name legally: Change your name on your credit report
Split credit records are a common problem for transgender people who have changed their names. This occurs when your lived name appears on some financial records but your deadname appears on others.
Although it takes time for your name change to appear on your credit record, you must have a spotless credit history in order to be accepted for an apartment. Create an account with each of the three main credit bureaus to begin the process right away:
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Experian
1-888-397-3742
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Equifax
1-88-378-4329
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TransUnion
1-800-916-8800
All you have to do to alter your gender marker with Experian and Equifax is submit a letter along with a copy of your name and court order via their online portal.Since TransUnion is a transphobic company, it is hilarious that they demand you to change your name with each financial institution that is mentioned on your credit report first.
You can follow up with each credit bureau by calling the numbers shown above.
Make a timeline for your move and break down savings goals into smaller milestones
Some feel compelled to relocate immediately, or at the very least, before to Trump’s January 20 inauguration. Once more, that is true and very comprehensible.
Some folks, though, just lack the financial means to enable it to occur so rapidly. To make your financial goal easier to reach if you must wait to move, divide it up into smaller goals.
For instance, suppose you require $5,700 in order to relocate to a different city. The cost breakdown for a single person without dependents might resemble this:
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$3,000 for the security deposit, first month s rent, and application fees for an apartment shared with a roommate
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$1,250 for new furniture
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$950 to spend on food for the first two months
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$500 for gas
You can better grasp how much to reduce living expenditures or how much you need to make each month from side gigs by breaking that objective down into smaller milestones.
You must save $950 a month, or $237.50 a week, in order to save $5,700 in six months. Over a 12-month period, $5,700 equates to $475 every month or $118.75 per week.
In my experience as a financial coach, many of my clients lose sight of their savings targets because they are unsure of when to stop putting in extra hours. Some people may take on additional side jobs without knowing when to quit, but they ultimately burn themselves out. They no longer have enough time to prepare, so they wind up ordering takeout or fast meals instead of preserving the additional cash they’ve earned.
Over time, being aware of your precise weekly or monthly objectives might help you stay on course.
Make a speculative budget to account for a cost-of-living increase
Regretfully, it is generally more expensive to live in a state that protects queer and trans rights.
I recently analyzed the average cost of living in the 23 states that are the safest for transgender individuals in my newsletter. According to data from the 2023 Personal Consumption Expenditures (PCE) Report from the Bureau of Economic Analysis, the cost of living in safe states rose by 6.6% while the national average climbed by 4.2%.
I advise you to make a comparison between the cost of living in your current state and the state in which you intend to relocate. For instance, be ready for a 17% rise in the cost of living if you’re relocating from Montana to California.
Here’s how to calculate that:
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Find the cost of living in your current state onthis map
. (Montana: $55,264)
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Find the cost of living in your new state onthis map
. (California: $64,835)
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Find the difference between the two states: (California $64,835 – Montana $55,264 = $9,571)
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Divide the difference by the cost of living in your current state: (Difference $9,571 Montana $55,264 = 17% increase)
Next, compile a list of your living expenses each month. For instance:
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Rent: $950
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Utilities: $100
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Food: $650
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Gas: $225
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Fun & entertainment: $250
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Total: $2,175
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Total without rent: $1,225
Multiply the sum by 117%, taking into account all categories except rent. $1,430.25 ($1,225 x 1.17).
To the amount you anticipate paying in rent, add that. For instance, you might have discovered a new apartment with a roommate that costs $1,400 a month. Your new total monthly expenses accounting for a cost-of-living increase is about $2,850.
This means you need to increase your monthly income by at least $675 to cover the cost of living in your new state.
Budget for temporary housing
If you don t have a job or any cash savings that can help you secure an apartment, be prepared to pay for temporary housing, like a hostel or an Airbnb reserved for at least 30 days.
Alternatively, make a list of shelters in the city you plan to move to. For example, in Los Angeles, theLGBT Centerhas a housing program for youth ages 18 to 24 who are experiencing homelessness.Reach Across LAprovides a list of organizations that support queer and trans folx experiencing homelessness.
Lastly, find apps, forums, or sites that can point you to safe parking lots where you can sleep in your car for a few nights, if you re really in a pinch. In Los Angeles, there s an organization calledSafe Parkingthat has a map of safe overnight parking you can use.
Leo Aquino (he/they) is an award-winning independent journalist covering anti-capitalist personal finance atQueer & Trans Wealth. Leo is also a trauma-informedfinancial coach and educatorwho provides affordable services for queer, trans, and BIPOC communities.
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