But is it really a good idea to move just for the salary? Cost of living varies from city to city, and making a big move for a bigger salary could end up putting you behind financially.
If you are looking for a way to gauge whether or not a move makes sense for you, consider the cost of living calculator offered by CNN Money.
How Much Higher is the Cost of Living Somewhere Else?
I plugged in my current income for my city in Utah and then looked to see what the difference would be if I moved to a mid-sized city in Minnesota (since that’s where my husband has applied for a job). In order to maintain the same lifestyle, we would need to make $3,606 more each year. That’s not a huge difference; my husband’s hypothetical new income could easily make up the difference.
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But what would happen if we moved somewhere like Manhattan, New York? The calculator indicates that we would need to make $139,125 more to live a comparable lifestyle. The CNN Money calculator indicates how much more we’d pay for groceries (61%), housing (a whopping 407%), utilities (39%), transportation (30%), and health care (45%).
Even if my husband got a job making $60,000 a year, the rise income still wouldn’t be enough to maintain our lifestyle.
Before you make a move just for higher pay, stop and consider the cost of living. We have more disposable income where we are at now than we would have in Manhattan — even if we were making more money. Cost of living matters more than you might think, and should be a major part of the decision process when it comes to accepting a job.