(Nexstar) – Are you considering moving to a new city city? Be sure to explore the cost of living before you accept a new salary.
A new study by Finance Site Bankrate found that after adjusting the cost of living, the average purchasing power of the worker only increased (compared to other cities) in a handful of large subway.
The San Francisco Metro area, for example, had the highest host average in 2023 ($ 127,792), according to the US Census Bureau. However, the price of dwellings, food and other brackets is equally high and undercuts the average ability to buy a worker with 15.4%, most of any large subway, according to the study.
Check out the first five metro where the cost of living eat the largest percentage of workers’ salaries, according to Bankrate, below:
Metro | Annual average salaries before a cost of living | Annual Average salary after correction of life costs | Change in purchasing power after regulating life costs |
San Francisco-Oukland-Fremont, California Subway District | $ 97,460 | $ 82 453 | -15.4% |
Los Angeles-Long Beach-Anahyim, California’s subway | $ 73,400 | $ 63,550 | -13.4% |
Seattle-Tacoma-Belevu, the WA subway | $ 86,520 | $ 76,566 | -11.5% |
New York-Newark-Jersey City, New York Subway | $ 82 050 | $ 72 933 | -11.1% |
Miami-Form Lodherdale-West Palm Beach, Metro Metro | 63 380 dollars | $ 56,691 | -10.6% |
Since the cost of living in cities with higher average salaries is higher and vice versa, is there a balance that can effectively allow wages to continue on?
Bankrate found that after adjusting the average salary for living costs, only San Antonio, St. Louis, Charlotte and Detroit boasts an increase in purchasing power compared to other subways:
Metro | Annual average salaries before a cost of living | Annual Average salary after correction of life costs | Change in purchasing power after regulating life costs |
San Antonio-New Brownfels, TX subway | $ 57,700 | $ 61 580 | 6.7% |
St. Louis, Mo-Il’s subway | $ 61 910 | 64 289 dollars | 3.8% |
Charlotte-Concord-Gastonia, the NC-SC subway | 64 440 dollars | $ 66,433 | 3.1% |
Detroit-Varun-Deborne, MI subway | 64 360 dollars | $ 65,673 | 2.0% |
Houston-Pasada-Uoodlands, TX Metro Station | $ 63,510 | $ 63 383 | -0.2% |
“I don’t want to break in a sexy city,” 30-year-old Yusuf Benallal told Wall Street Journal about his decision to move from Miami to Charlotte. “I want to play in a mediocre city.”
A 2024 survey of ADP salary provider seems to support Benalal’s decision to avoid cities such as Los Angeles, New York and Chicago for smaller cities that are proud of active hiring, accessibility and solid salaries.
ADP researchers have examined the 55 sub-sub-submits in the United States and found that the average salary for graduates with a four-year degree, when adjusted for the cost of life, went to the role, North Carolina; Austin, Texas; Baltimore; Atlanta; and Charlotte, North Carolina.
While the biggest jump in the purchase will come from maintaining your salary and relocating to a more cheaper city, this is not always possible, especially when changing companies.
So, what should come in the decision -making process?
Career coach Melissa Fluri recommends that you consult a living cost calculator, tailored to the future city, to see how the basic salary and bonuses will be arranged against other subway. Flows warned that there may be hidden costs such as transportation, childcare and lifestyle.
“You have to make sure you like the area and you would be ready to stay there,” said Lynn Berger, a career adviser based in New York in front of Bankrate. “If possible, before buying a home or condominium, live a little without any financial connections or responsibilities.”