Thursday, May 10, 2007

How Far Would Your Salary Last In Another City?

I was searching around some finance sites when I came across this interesting little tool for comparing how your current salary would match up in another city. It was fun to plug in different cities and see how much my groceries or mortgage payment would go up or down. This may be a nice thing to play around with for those of us procrastinating, but for some of us it may just be useful...

Many of us are in a time of transition with the real estate market in flux, possibly with employment opportunities or issues, or just looking to make a move with your family. Regardless of the motives for moving, keep in mind that your $60,000 job in a small suburb won't by you jack in the heart of New York City (welcome to the land of $10 deli sandwiches, however good they may be).

Cost of living varies between cities so don't end up the victim of ignorance, check how much your salary will buy in another city. Adjust your spending accordingly, and work hard for that raise. I have heard of some particular nasty differences in spending power even if you are only moving an hour away. Be careful around your big metropolises, they tend to be the worst.

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