In the News
Are You in the Best City for Your Job?
Houston and Dallas top the list, New York and San Francisco fall to the bottom
-Nicole Christie
With diamonds, it's the 4 C's - with your job, it's the 3 C's: cash, comfort, and cost of living. While many people look to move to large metropolises - drawn by the almighty Benjamins - a large salary, when adjusted for cost of living, can translate into a low-paying job in certain cities.
BusinessWeek recently released their best and worst cities for 20 careers - including architect, dental hygienist, graphic designer, and CEO. The survey adjusted the median compensation for each job against the cities' costs of living - real estate, taxes, groceries, you name it. As illustrated in the article, this is how it's possible to earn $87,800 in New York, but when adjusted for cost of living in Manhattan, that roughs out to earning $41,400 in a city like Detroit. (Do you hear that, everybody outside NYC, who thinks I'm rolling in dough over here?)
If you're getting restless in your locale, take into careful consideration the many factors that comprise a move. For example, in cities like Seattle - where housing costs are high and salaries have historically not kept up - one might still benefit from the lack of income tax; whereas, in New York City, residents are hit by state AND city income taxes (and, if you own a small business that's not incorporated, the Unincorporated Business Tax...gee, thanks Uncle Sam!). At the same time, when I moved to New York from the west coast, my housing costs and tax liabilities went through the roof, but I also no longer had a car or the financial burden of home ownership, making my otherwise astronomical rent a wash. With the price of gas, transportation costs are an important factor - as well as auto insurance and licensing fees, which can vary greatly from state to state.
So where do you fall on the spectrum? Is relocation in your future? I don't know about you, but figures like this make a move to the heartland - or south....or west - look mighty tempting.
